Report predicts the value of the global augmented reality application market to reach $5 billion by 2016

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A new report from Markets and Markets, a worldwide market research firm, shows that the total value of the augmented reality market will grow to $5 billion by 2016. Augmented reality, a technology that has long lingered in the realm of obscurity, is quickly becoming the focus for developers of mobile applications. The technology can create interactive digital experience for smart phone owners, the likes of which they cannot find anywhere else. From 2011 to 2016, Markets and Markets expects the AR app market to grow by 95%, estimating that augmented reality will be a major force in the world of mobile technology.

At present, augmented reality is still at a stage of infancy in terms of mobile applications. Developers are still working on figuring out how to apply the technology, pushing its boundaries to see what is and is not possible. The majority of mobile apps entering the market utilize augmented reality as a gimmick, but these apps have wetted the appetites of tech-savvy consumers looking for new technologies to support. Demand for augmented reality – in both novelty and practical applications – is growing, and developers are beginning to produce applications that show just how powerful and engaging the technology can be.

The Markets and Markets report – “Global Augmented Reality Market Forecast” – suggests that the market will see the greatest growth in the gaming sector, where augmented reality can be used to make games more interactive.

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