1. A system for simultaneous real-time three-dimensional geometry and color texture acquisition of an object, comprising: a system processor for generating at least three phase shifted black and white fringe patterns by a three-step phase shifting algorithm; a light projector adapted to project the at least three phase shifted black and white fringe patterns onto the object, the light projector being electrically connected with the system processor; and a color camera for capturing the at least three phase shifted black and white fringe patterns reflected from the object to generate at least three raw fringe images; wherein the raw fringe images generated by the color camera calculate a wrapped phase map to generate a continuous unwrapped phase map by employing a phase unwrapping algorithm and converting the continuous unwrapped phase map to co-ordinates using calibrated system parameters for point by point three-dimensional shape measurement; producing a black and white texture image by using the raw fringe images; and converting the black and white texture image to a color image by employing a demosaicing algorithm for simultaneous real-time three-dimensional geometry and color texture acquisition.