True augmented reality could be years off, but Apple is said to be working on it already. Piper Jaffray analyst Gene Munster says Apple has a small team exploring the potential of augmented reality, and he personally thinks AR "has the potential to be as profound a technology platform as the smartphone today."

Apple is reportedly approaching AR from a fashion and style standpoint, much like it has done with the new Apple Watch. By doing this, any potential consumer device would actually be something people are willing to wear.

Munster's sources didn't elaborate on what type of AR device Apple is looking.