Source: world news

Gene Munster, managing partner at VC firm Loop Ventures, said recently that the next version of the iPhone by the Cupertino-based smartphone maker will lead to a “paradigm shift” with AR (augmented reality) as its base. Tim Cook, the Chief Executive Officer of Apple, is currently shifting his focus to AR because he believes augmented reality will keep Apple on top.

CEO Tim Cook believes AR may even supplant the iPhone

In 2011, since becoming the CEO of the tech giant, Cook has talked a lot about different technologies, including streaming television, artificial intelligence, and driverless cars. But Cook has never been as influenced by a technology as he is by augmented reality that overlays games, videos and images on the real world. Well, pretty much everybody knows that AR is the technology of the current and the future and almost all major companies are working on it like Google, Facebook, etc.

Cook was quite impressed by the game-changing potential of augmented reality in a smartphone. Last year, Cook said that they all will have “AR experiences every day, almost like eating three meals a day. It will become that much a part of you.” Investors are as excited as the Apple CEO when it comes to AR. They will be happy to know that the tech giant is quite serious about the augmented reality as well.

The people, who asked to remain anonymous and who are familiar with the tech company, say the tech giant has built a team of both hardware and software veterans as well as talented outsiders to work on AR. The team is run by an Ex Dolby Laboratories executive and it includes digital-effects wizards from Hollywood, and engineers who worked on the HoloLens VR headsets and Oculus VR headsets sold by Microsoft and Facebook.

Apple quite serious about Augmented Reality

The tech appears serious about AR as it has bought several small businesses with knowledge of virtual reality software, AR hardware and 3D gaming. A report by Bloomberg claimed that the tech company is working on many AR products, including digital spectacles which could connect to an iPhone wirelessly and beam a map, image, a video and any other content to the wearer.

The tech giant did not immediately respond to a request for comment. According to researcher Global Market Insights, the worldwide market for AR products will rise 80% to $165 billion by 2024. Gene Munster says the tech giant has no choice. Munster, who is a founding partner at Loup Ventures, says AR devices will replace the iPhone over time. He says, “It’s something they need to do to continue to grow and defend against the shift in how people use hardware.”