The iPhone will likely continue to be a significant part of the Apple (NASDAQ: AAPL) business in the near and medium term. However, some worry that the outsize growth in the smartphone market is slowing. There are questions about whether market saturation and a lack of mobile phone innovation mean the world has already hit "peak smartphone."

If smartphones have indeed peaked, Apple will need to conquer new markets to continue growing. Here are three markets that can drive Apple's stock higher.

Augmented reality (AR) integrates computer-generated visual or audio content with the user's environment in real time. The integration can occur on a phone, car windshield, head-mounted display, or glasses. AR glasses were first made famous with the Google (part of Alphabet) Glass introduction in 2012. And ever since, companies from small start-ups to behemoth enterprises have worked on building viable AR products.

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Source Fool.com