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XR and MEP (Q3 2023): Product improvements continue despite stagnant funding

Key takeaways

  • Product updates
    • XR: Eight devices were announced in Q2, three of which were from incumbents. The most prominent was Qualcomm’s Snapdragon XR 2 Gen 2 chip meant to power virtual reality (VR) headsets, providing a 2.5x performance boost over its predecessor. From a software standpoint, 25 updates were recorded, with several players upgrading body-/hand-tracking features, including Meta, HTC, and Unity. 
    • MEP: There was an uptick in product updates (18 in Q3 vs. 11 in Q2), including 1) Meta adding avatar legs to Horizon Worlds and expanding platform access to web browsers and smartphones and 2) Roblox’s launch on Meta’s Quest headsets and its addition of a GenAI assistant for world creation.

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