ST-Ericsson, a leading developer of mobile platforms and wireless technology, has announced that it will be participating in an initiative from the European Union that will expand augmented reality throughout the region. The project, called Venturi, has a budget of $7 million and aims to boost the presence of augmented reality applications in Europe. ST-Ericsson joins Metaio, a leading augmented reality development firm based in Germany, to meet the goals of the project. The Venturi initiative may signal a paradigm shift in the worlds of technology and marketing.
Work on developing mobile devices capable of handing augmented reality technology has been ongoing since October of this year. The technology has shown real promise in the realm of marketing, as it enables companies to engage consumers on a new level. Using AR, businesses can add new dimensions to their marketing efforts that consumers may have never experienced before. ST-Ericsson and Metaio hope to develop new platforms that can be tested in real-life situations by the beginning of next year.
The EU believes that collaboration is the key to expanding augmented reality throughout Europe. Unlike QR codes, which have hugged the fringes of consumer familiarity and support, AR has become rampantly successful amongst consumers. By expanding augmented reality, businesses throughout Europe will have a chance to take advantage of the rise of popularity surrounding the technology as well as the growing market of smart phone users.