The virtual and augmented reality come together to bridge the gap with real life for the productivity, education, healthcare and services. Facebook-A has several initiatives to make it happen, according to Prableen Bajpai on Nasdaq.com
“In the future, it will be AR and VR that bring us closer together. Devices that connect us will be less distracting and more intuitive. In this future, we will live with our eyes up, connected to each other and to the world around us. As our technology fades, so will the space between us, “notes Facebook.
Facebook moved to AR and VR many years ago. In 2014, the company acquired Oculus VR, leader in immersive virtual reality technology for approximately $ 2 billion. The firm began working to extend the existing Oculus lead. Over the years, the tech giant has increased its commitment and streamlined its efforts towards AR and VR.
Facebook launched its first all-in-one virtual reality gaming system, Oculus Quest, in spring 2019. This was followed by the launch of Oculus Quest 2 in October 2020. According to IDC data, Facebook’s volume of shipments grew 207.4% during 2020 compared to 2019. Headphones Quest 2 VR they remained immensely popular due to the lower price and need-based demand during the pandemic. Facebook is working on its first AR glasses in association with Luxottica, the manufacturer of Ray-Ban and Oakley. Ray-Ban’s first pair of small glasses will be released this year.
In 2018, Portal was introduced to the Facebook community as a meaningful way to connect with friends and family. The portal gained popularity as it turned out to be a great way for people to stay connected, especially during the pandemic. During 2021, it plans to “expand the role of the Portal and virtual reality presence in the workplace, providing more functions that can improve remote presence, collaboration and productivity.”
Spark AR Facebook continues to provide its users with exciting possibilities. It was first introduced as the camera effects platform that made smartphone cameras the first augmented reality platform in 2017, and was renamed in 2018.
In August 2020, Facebook brought all of its AR and VR-related initiatives under one umbrella called Facebook Reality Labs (FRL). During the 2020 fiscal year earnings call, Mark Zuckerberg, CEO of FacebookHe said: “If you look at the history of computing, every 15 years or so a major new platform emerges that integrates technology more naturally into our lives. I think the next logical step here is a immersive computing platform which simply provides this magical sense of presence – that you are actually there with someone else or in another place. Our phones cannot offer this, and neither can any other prior technology. This will unlock the kinds of social experiences that I’ve dreamed of building since I was a kid, and that’s what we’re building at Facebook Reality Labs. “
Facebook has been involved in a number of acquisitions in the AR and VR field. Two previous acquisitions were Pebbles Interfaces (2015) and The Eye Tribe (2016). In 2019, Oculus acquired Beat games. This was followed by the acquisition of Ready at dawn, a veteran game developer and virtual reality pioneer, in June 2020. Downpour Interactive became part of the Oculus Studios team in April 2021 and joined the team of BigBox VR in June. The entire Downpour Interactive and BigBox VR team has been sucked into Oculus Studios in some way.
During fiscal year 2020, Facebook allocated $ 18.45 billion equivalent to 21% of your income for R&D expenses. During its call for the third quarter of fiscal year 2020, Facebook highlighted that its R&D increased by 3. 4%, primarily driven by recruitment and investments in our innovation efforts, notably Facebook Reality Labs, as well as core products. In general, AR and VR represent a significant part of the overall growth of the company’s R&D budget. The company received 938 patents during 2020. During its presentation of results for the first quarter of 2021, the Facebook CFO David Wehner, reiterated: “Facebook Reality Labs is one of the main investment drivers in our spending outlook.”
Bain & Company anticipates an adoption rate of 75% toward AR or VR by 2023. Although, according to a global survey, 74% of the participants say that AR and VR can bridge the gap between online and offline. The AR and VR market size is expected to grow by $ 162.71 billion, progressing to a compound annual growth rate (CAGR) of almost him 46% during 2021-2025. Global shipments are projected to grow to 28.6 million in 2025 at a CAGR of 41.4%. Meanwhile, AR headphone shipments are expected to grow 45.6% in 2021 with a CAGR of 138% by 2025.
“Over time, I hope that virtual and augmented reality will unlock a tremendous amount of value both in people’s lives and in the broader economy,” Zuckerberg said.