New Delhi: Cupertino-based tech giant Apple is said to be in the process of developing a new augmented reality/virtual reality (AR/VR) headset, expected to hit the market in 2023. Sources indicate that the upcoming device will be powered by Apple's own chips and boast a high-resolution display, while incorporating advanced sensors to track user movements.

Referred to as "Project N301," the AR/VR headset is reportedly under development within Apple's Special Projects Group, which has been instrumental in shaping the company's ventures into augmented reality and virtual reality technology. Among their notable projects are the ARKit software development kit and the VR application called "Monarch."

The forthcoming headset is positioned as a high-end offering primarily targeted towards businesses and developers. However, it remains uncertain whether Apple has plans to release a consumer version of the headset alongside the enterprise-focused model.

Also Read: Oneplus and IQoo to be the Affordable Smartphones in the Market

Apple's foray into AR/VR technology comes as part of the company's strategic investments in this growing sector. In 2020, Apple made headlines with its acquisition of NextVR, an augmented reality startup, followed by the acquisition of Spatial, a virtual reality startup, in 2021.

Apple is not the sole contender in the AR/VR headset market, as other tech giants are also actively working on similar ventures. Meta (formerly Facebook) is in the development stages of Project Cambria, a high-end AR/VR headset, while Google is pursuing its own Project Iris.

Also Read: OnePlus to Launch Incredible Tech Pieces for the Year

While the AR/VR headset market is still in its nascent stage, it is expected to witness substantial growth in the years to come. Analysts predict that the market for AR/VR headsets could reach a staggering $80 billion by 2024.

Also Read: 10 Effective Techniques for Noise Reduction and Cancelation in Microphones

Given Apple's well-established success in the consumer electronics realm and its respected brand, the company's entry into the AR/VR headset market could have a profound impact. Should Apple deliver a top-tier AR/VR headset with exceptional quality and competitive pricing, it stands a strong chance of achieving significant success in this evolving industry.