Magic Leap has announced a technology partnership with Google to develop new extended reality (XR) technologies.
The collaboration brings together Magic Leap’s expertise in optics with Google’s infrastructure, potentially signaling increased competition for Apple and Meta in the metaverse hardware and experiences space, the company said in an announcement.
While Google recently downsized its augmented and extended reality teams, and Magic Leap faced setbacks with one of its major projects, this partnership could have positive implications for the metaverse as a whole.
The collaboration aims to advance immersive experiences for developers and customers, blending the physical world with valuable and contextually relevant XR solutions.
“This partnership accelerates the transformative power of AR by combining our extensive optics capabilities with Google’s technologies to continue to advance immersive experiences to the developer ecosystem and for customers,” Magic Leap CTO Julie Larson-Green said.
“We are looking forward to expanding the potential of XR – blending the physical world with valuable, contextually relevant solutions.”
New AR/XR Headset Could be on Horizon
Although the press release did not detail any specific products or services resulting from the partnership, it raises speculation about the development of a new AR/XR headset that could challenge the market dominance of Meta and Apple.
However, the exact benefits for Google in this partnership remain unclear.
While Google has a track record of creating bespoke hardware across various product categories, its previous AR/XR efforts, such as Google Glass, have not met with significant success.
Tech journalist Sean Hollister suggests that Google may be interested in a patent or methodology held by Magic Leap.
Alternatively, Google could be seeking to avoid falling behind its major competitors in the AR/XR space or avoid the need to establish a new AR/XR unit following previous layoffs.
The partnership between Magic Leap and Google highlights the growing importance of the metaverse and the race to develop immersive technologies that blend the digital and physical worlds.
As companies like Apple and Meta invest heavily in metaverse initiatives, the collaboration between Magic Leap and Google introduces another player into the mix, potentially driving further advancements in the XR space.
Metaverse Continues to Gain Traction
The concept of the Metaverse has gained significant attention in recent times, prompting many to consider its investment prospects.
The Metaverse refers to a virtual universe where users can interact with a computer-generated environment and other participants in real-time.
It encompasses a wide range of technologies, including virtual reality (VR), augmented reality (AR), blockchain, and artificial intelligence (AI).
The global metaverse market has been experiencing rapid growth.
In 2022, the market was valued at approximately $63.83 billion.
However, the market is expected to grow at an impressive compound annual growth rate (CAGR) of 44.4% from 2023 to 2030, potentially reaching a staggering $1.6 trillion by 2030.
Companies like Meta (formerly Facebook), Microsoft, Tencent, and Nvidia are heavily investing in the metaverse to enhance their platforms and create new user experiences.
For instance, Meta invested $50 million in global research and development for the metaverse, and Epic Games raised $1 billion, including a $200 million investment from Sony.
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