Over the past few years, the topics related to alternate realities seem to ponder significant discussion in engineering as well as in general studies. However, in the wake of increasingly diverse and complex research in major domains including education, medical, and defense among others, the topics of augmented and virtual reality seem to gather attention on a global scale. This paper surveys the emerging trends of such technologies and their correlation with the wide application spectrum as an important aspect of human civilization. Moreover, the purpose of this paper is to distinctively formulate the role of such technologies by closely examining and describing the available approaches along with practical competencies through a detailed literature review of more than 70 technical papers. This review further aims to discuss the topic based on an empirically oriented study carried out through an experimental approach and practical vision. Lastly, the existing technologies in every domain along with the related issues and bounded limitations have been discussed to reveal the possible solutions as a future scope perspective of the work.