Meta to Take VR Market by Storm With Quest 3: Can the Competition Keep Up?

investing.com:

The world of virtual reality (VR) is currently witnessing a surge in investor enthusiasm, sparked by recent developments. Apple's (NASDAQ:AAPL) highly anticipated Visio Pro VR headset, set to launch in early 2024, has created significant anticipation.

In addition to this, Meta's (NASDAQ:META) recent introduction of the Quest 3, which Mark Zuckerberg has touted as «the most powerful on the market,» has further ignited interest in the VR sector.

Although the concept of VR has been in existence since the 1990s, recent technological advancements have finally made it possible to create VR devices that offer rich features and are accessible to a broader audience.

Consequently, stocks associated with VR technology are now attracting more investor attention than ever before.

According to analysts, the market for virtual reality is set to explode over the next few years. Indeed, the global AR/VR headset market is expected to post an average annual growth of 5.3% between now and 2023, according to market intelligence firm Vantage Market Research.

Grand View Research's forecasts are even more optimistic, estimating that the global virtual reality market should develop at an annual growth rate of 15% between 2022 and 2030.

In addition to games and entertainment, VR technology has applications in fields as diverse as training, engineering and design, healthcare, and defense.

In short, it's a market with a bright future over the next few years.

Companies with a wide range of profiles stand to benefit, from specialist computer chipmakers such as NVIDIA (NASDAQ:NVDA) or Qualcomm (NASDAQ:QCOM) to those who know best how to use virtual reality to boost their business.

When it comes to virtual reality hardware — i.e. headsets, joysticks,