Apple's Next big thing?
Thanks Dr. B.
Bloomberg -- Apple's next big thing.
Besides hiring people, Apple has been busy making tactical acquisitions. In 2015, the company acquired Metaio, which developed AR software. Former Metaio CEO Thomas Alt now works on Apple's strategic deals team, which decides which technologies to invest in. Last year, Apple also bought FlyBy Media, which makes AR-related camera software. Cook even visited the offices of Magic Leap last summer and displayed interest in the secretive company's AR technology, the people say. Magic Leap declined to comment.
It's an auspicious moment for Apple to move into augmented reality. The global market for AR products will surge 80 percent to $165 billion by 2024, according to researcher Global Market Insights. But Apple really has no choice, says Gene Munster, a founding partner at Loup Ventures who covered the company for many years as an analyst. Over time, Munster says, AR devices will replace the iPhone. "It's something they need to do to continue to grow," he says, "and defend against the shift in how people use hardware."