Overview:

Extended reality (XR) headset shipments declined by 9% from 10.8 million units in 2021 to 9.8 million units in  2022, according to the latest Counterpoint Global XR (VR & AR) Market Forecast. After an overhyped 2021, VR/AR stocks also faced a tough 2022, exacerbated by global economic uncertainties. This can be seen in S&P’s Kensho VR Index, which shows a -46.73% yearly return. However, the quest to bring game-changing VR devices and applications, as crucial portals to the metaverse at large, continues.

Despite early success with Meta’s Quest 2 headset, the VR industry is yet to see mass adoption. This will require significant technological advancement (hardware as well as software), building of a self-contained ecosystem, more and better content and games, and greater interest from more global players, which can happen with the business model becoming sustainable rather than running on subsidies. In August 2021, China’s social media giant Bytedance (TikTok parent) acquired local XR firm Pico, heating up the competition in XR.

This report aims to:

• Investigate Pico and Meta’s latest VR solutions as cornerstones to their differentiated metaverse strategies.
• Compare them in terms of technical specifications, product positioning and primary markets.
• Analyze the ongoing challenges and opportunities of the VR industry in 2023.

Table of Contents:

• Introduction
• Background
  • GoerTek’s XR Connection with Meta and Pico
  • ByteDance’s record-breaking acquisition of Pico
• ByteDance vs Meta in metaverse strategy 
• Comparison analysis of Pico 4/4Pro and Meta Quest Pro
• Opportunities
• Challenges
• Conclusion

This report is helpful for manufacturers, component suppliers and service providers of the XR market. Also market planners, consultants and investors looking to size the opportunity of the XR market will find the report useful.

Number of Pages: 12

Published Date: February 2023