Gary Hayes wrote an in depth article on the top 16 Augmented Reality business models.

"As promised a more specific 'commercial' follow up to my previous post on this topic which was more 'story' centric. I am developing and producing a range of Augmented Reality (or if you prefer AR, 'blended or layered media') applications at the moment. I have also been asked to present at a few conferences and create a detailed white paper on the implications of AR for government&business looking at privacy, legal, copyright &crime issues. As readers of this blog will know I also lecture, run workshops and work with creative teams to come up with future 'social entertainment' based around virtual worlds and augmented reality."

See the rest of the article plus some great charts here.