The construction industry, with most of its processes being repetitive and labor-intensive, is one of the least digitized industries around. The industry has evolved immensely over the years, and its future is dependent on the ability of construction companies to modify their mode of operations, regulations, and skill sets to thrive in the information and technology-driven world. The adoption of modern technologies is very critical for construction companies who aspire to remain economically feasible and competitive. Augmented reality (AR) is an emerging technology that can be implemented in the construction industry to enhance real-world site conditions through computer-generated content and information linked to site-specific locations and activities. However, the widespread implementation of AR by professionals in the industry is limited, despite its potentials. The purpose of this study is to promote the adoption of AR by accounting for the high initial costs of AR technologies, and presenting the potential cost benefits associated with the application of AR in construction processes. The objective of this research is to review literature that covers the possible benefits of implementing of AR and present the qualitative and quantitative benefits accompanied by the application of AR solutions to determine how the use of AR can generate value for construction stakeholders. The expected financial benefits to companies willing to capitalize on AR are determined by the significant cost savings accrued from enhanced productivity, shortened project duration, reduced conflicts, improved project collaboration, and reduction of rework. This study is a step in determining how useful AR can be in the improvement of construction processes with the aim of increasing the awareness and acceptance of technology in the construction industry. The study provides construction professionals an understanding of the economic value of AR, consequently advancing its deployment in the construction industry.