Thanks Dr. B.
Bloomberg -- Apple's next big thing.
Investors impatient for Apple's next breakthrough will be happy to know that Cook is very serious about AR. People with knowledge of the company's plans say Apple has embarked on an ambitious bid to bring the technology to the masses—an effort Cook and his team see as the best way for the company to dominate the next generation of gadgetry and keep people wedded to its ecosystem.
Apple has built a team combining the strengths of its hardware and software veterans with the expertise of talented outsiders, say the people, who requested anonymity to discuss internal strategy. Run by a former Dolby Laboratories executive, the group includes engineers who worked on the Oculus and HoloLens virtual reality headsets sold by Facebook and Microsoft as well as digital-effects wizards from Hollywood. Apple has also acquired several small firms with knowledge of AR hardware, 3D gaming and virtual reality software.
*****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.
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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."
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