For the first time since the technological revolution caused by the appearance of smartphones, which have become an everyday tool, we are witnessing the emergence, development and widespread use of augmented and virtual reality technologies that offer a completely new approach to existing problems that we face in various industries. With the announcement of the metaverse, the commercial use of virtual and augmented reality technologies gained additional momentum. The paper will explain from a technological point of view how the technology of augmented and virtual reality works and the difference between them, the possibilities of implementation in existing and new devices and their application in different industries with an emphasis on the automotive industry. The paper will also address the growth potential in the mentioned industries as well as the possibility of application in industries that do not use the mentioned technologies. Additionally, the paper will deal with the understanding of the concept of augmented reality and its potential or possible risks among the general population. The methods that will be used are a review of the literature and a survey of a statistically relevant group of respondents. The main goal of the paper is to present new possibilities for applying technology, specifically augmented reality and virtual reality technology, in different industries, as well as the advantages, disadvantages and risks that these possibilities carry in the economic and social sense. Primary and secondary sources of data will be used for the purpose of creating the thesis. Non-experimental research methods (surveys and interviews) will be used as the primary source, and scientific and professional books, internet articles and websites, and scientific publications and papers will be used as secondary data sources.