![]() October 2022: Meta introduced the Meta Quest Pro, a mixed-reality headset targeting the professional and augmented reality (AR) markets.As stated by the company, the Quest 3 is predicted to provide twice the graphics capability of the Quest 2 while being 40% less heavy. The complete introduction of the Quest 3 is set for the Connect event in September, and it’s expected to be available for purchase in late 2023. June 2023: Before an event related to gaming, Meta publicly revealed the upcoming Quest 3 through a teaser video shared on Mark Zuckerberg’s Instagram account.This global reach allows Oculus to serve a diverse user base and collaborate with developers and partners globally, making it a prominent player in the global VR market. Through its hardware, software, and online platform, the Oculus Store, Oculus VR LLC, offers VR products and experiences to customers worldwide. Oculus has established a significant presence and distribution network that spans multiple continents, including North America, Europe, and Asia-Pacific. Oculus VR LLC can be considered a global virtual reality (VR) provider. The company was purchased by Facebook, now known as Meta Platforms, Inc., in a deal valued at around $2 billion. Oculus played a crucial role in popularizing VR technology and is most famous for its Oculus Rift and Oculus Quest series of VR headsets. ![]() It gained widespread acclaim for its groundbreaking contributions to consumer VR technology. Oculus was originally established as an independent company in 2012 by Palmer Luckey in Irvine, California, USA. This well-known tech firm specializes in creating hardware and software for virtual reality (VR) and holds a significant position in the VR industry. Oculus VR LLC, often called Oculus, operates as a subsidiary of Meta Platforms, Inc., previously known as Facebook, Inc. Oculus Company Overview Establishment Year The Global Virtual Reality Market accounts for USD 16.9 billion in 2022 and is anticipated to reach USD 1,022.24 billion by 2033 by registering a CAGR of 45.2% over the forecast period from 2023 to 2033. These factors are expected to continue driving the global VR market’s expansion. The increasing adoption of VR for a more immersive movie-watching experience and its use in psychiatric care to gain insights into a patient’s mental state also contribute to market growth. Furthermore, technological advancements like simulation, haptics, digital displays, animation, and artificial intelligence have enhanced the gaming experience, making players feel fully immersed in the games. The market is growing primarily because virtual reality (VR) technology is used across various sectors such as consumer electronics, aerospace & defense, industrial, and healthcare. As costs drop and content increases, VR’s influence across industries and daily life will expand. VR has evolved, finding uses in entertainment, education, training, and therapy. It relies on specialized gear like headsets and controllers. Virtual Reality (VR) immerses users in computer-generated environments, giving a lifelike experience. As it gets cheaper and offers more content, VR will affect many industries and daily living. It needs special gear like goggles and controllers, and it’s found uses in entertainment, learning, training, and therapy. Virtual Reality Companies immerse users in computer-made worlds, letting them interact as if they’re there.
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