Pico Aiming to Challenge Meta’s Dominance with Pico 4 Series in China
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.
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Author
Wei Sun
Wei is a senior consultant in Counterpoint specializing in Artificial Intelligence. She is also the China founder of Humanity+, an international non-profit organization which advocates the ethical use of emerging technologies. She formerly served as a product manager of Embedded Industrial PC at Advantech. Before that she was an MBA consultant to Nuance Communications where her team successfully developed and launched Nuance’s first B2C voice recognition app on iPhone (later became Siri). Wei’s early years in the industry were spent in IDC’s Massachusetts headquarters and The World Bank’s DC headquarters.
Tom Kang
Tom is an expert in the telecoms industry with 14 years of experience. He provides practical advice for the short term goals of clients as well as insights for long term vision. Previously he was a celebrated world renowned analyst at Strategy Analytics. He first introduced value share and profit share. He also created the Smartphone Strategies service and headed the research growing it to become the largest service in the company. Tom also worked for LG Electronics within the Mobile Communications Company in various roles.
