Augmented reality has been the sci-fi dream forever, but I'm really, really skeptical about its applications in real life. Not that they don't exist - the shoot-em-up game demoed in that video looks fantastic. The Gmail app looks horrendous. Worth billions? Depends on the implementation, and a demo video is very far from the real thing. I wouldn't be investing.
It is a very niche market...But if you look back in technology history, you'll notice that the tech always seems to come before the applications.
There has already been usage of Oculus Rift headsets during surgical procedures and medical consultations, so that patients don't have to fly halfway around the world to see the specialist for their extremely rare disorder or whatever. I can see contact lens-based augmented reality being very helpful in a surgical procedure.
It's applications are virtually limitless. Everything from manufactoring to gaming to content consumption can change with a good augmented reality device.
Didn't people say the same about Google Glass before it came out? I know, I know - this is very far from Google Glass. But all we have is a really broad concept and some flashy demo videos.
"It's going to change content consumption in a limitless way" doesn't really mean anything. Based on past predictions, the way we consume content is supposed to have been revolutionized about 100 times by now.
It would work great for commercial, medical, and military training purposes. You can use it to train personnel how to perform tasks that would generally be considered too dangerous, expensive, or risky to jump into first hand training. Doing so could also help lower insurance costs.
