Augmented reality -- the overlay of computer graphics on a real-time display of the world -- is already being discussed as the next big trend in smartphone apps. Now a new research report finds that the impact they'll have on mobile ad revenues could be equally as seismic.

Prior to the arrival of this year's new crop of smartphones, augmented reality (AR) was primarily relegated to the realm of industrial automation, theme parks and military and academic applications.

Now that's changing. A new mass market just opened up for AR thanks to today's smartphones that come equipped with video cameras, fast processors, GPS, compasses and accelerometers -- all the tools needed to make AR work on a mobile device

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