Generally the Wolfram language is designed for implementation on data that's 'static', so real-time analysis would be quite hard, at least purely in Wolfram. UnityLink is something designed to bridge that gap, but obviously it'll require knowledge of Unity itself, so it's definitely something to look into!
I don't have much experience with AR development myself but Unity is very popular for AR, and UnityLink makes it great for communications between the Wolfram language and a Unity app, so you can run functions like ImageIdentify, or overlay graphics onto real-world images, like you seem to want to do.
Some resources you might want to check out:
https://reference.wolfram.com/language/UnityLink/guide/UnityLink.html
https://www.wolfram.com/broadcast/video.php?c=104&StartDocument:=&v=2048&ob=date&o=DESC&disp=grid&p=17
https://www.wolfram.com/broadcast/video.php?c=104&p=22&v=2819
And there are a few more if you just search up 'UnityLink Wolfram'. Hope this helps, and best of luck!