The news: Meta Platforms is set to release its Quest 3 upgraded virtual-reality headset in October, around the same time that Apple could launch its own mixed-reality headset to consumers. Details: According to Bloomberg's Mark Gurman, the upcoming Quest 3 is lighter, thinner, and has a stronger strap with fabric sides compared to the Quest 2. It's expected to have similar features to the rumored Apple "Reality Pro" VR/AR headset, such as hand-tracking and color pass-through video. However, it reportedly lacks the face and eye-tracking available on the already-released Quest Pro. Why it matters: The technology behind AR/VR, though nascent, is improving rapidly, and Meta and Apple are locked in a race to develop wearables that can appeal to consumers in the metaverse. However, Meta's Quest 3 is targeting the mid-range market segment, with an estimated price of around $500, while Apple is focused on the high-end market with its $3,000 headset. What the numbers say: AR/VR device shipments reached 9.86 million units in 2021, and are projected to rise to 18.8 million units in 2023, nearly doubling in two years. The larger metaverse market was valued at $63.8B in 2021, and is projected to surpass $1.5 trillion by 2029, growing at a CAGR of 47.6%.
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