Mobile augmented reality to top $1 billion annually by 2015

Annual revenues from mobile augmented reality technology will eclipse $1.2 billion by 2015, according to Juniper Research, as the market continues to evolve at a rapid pace.

The mobile AR market reached just $180 million in 2013, as consumers and businesses become more familiar with mobile applications and services available. Specifically, video games, which accounted for 40 percent of AR downloads last year will help drive the industry in 2014 and 2015, respectively, though entertainment, lifestyle, and enterprise AR also is slated to increase.

As more companies appreciate the importance of mobile technologies, brands such as Nestle, Heinz, Uniliver, and other major corporations want to use AR to engage customers.

Juniper Research warned that AR supporters need to help continue sharing benefits to consumers - especially with the industry already fragmenting from varying levels of product development.