Apple, Inc. AAPL has a lot riding on its AR/VR product roadmap, and as recently as this week its shares received a Street-high price target of $200, premised primarily on the AR/VR opportunity.
What Happened: Apple is in the process of building its AR/VR team and looking for qualified candidates, a Monday job posting on its website revealed. The posting was shared on Twitter Inc TWTR by Hayden Lee, Apple's AR/VR Software Engineering Manager.
In the job description, the company said a potential recruit will be researching and developing an "entirely new application paradigm." "Working closely with Apple's UI frameworks, Human Interface designers and system software teams - this role will push you to think outside-the-box, and solve incredibly ambitious and interesting problems in the AR/VR space," the posting read.
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Why It's Important: Just as it has previously disrupted many areas of technology, Apple is expected to make a big splash with its AR/VR entry, according to sell-side analysts. Morgan Stanley MS's Katy Huberty estimates AR/VR devices will generate about $29 billion in revenue by 2026, which will likely be about three years post-introduction.
After years of being in-the-works, Apple is expected to unveil an AR headset in 2022, marking its foray into the AR/VR space. The company is likely to follow it up with augmented reality glasses, which are expected to be in a smaller format, leading to a kick-start of mass adoption.
At last check, Apple shares were rallying 3.45% to $174.63.
Related Link: Apple Eyes 30% Increase In iPhone Shipments In First Quarter 2022 With Full-Year Goal Of 300M Unit Sales: Report
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