From the outside, it looks like virtual and mixed reality is having a moment. Three new headsets have launched or been announced in the last month: Apple's M5 Vision Pro, the Samsung Galaxy XR, and, just this week, Valve announced the Steam Frame. Given the marketing, you might assume that means Big Tech thinks this tech finally has some mass-market appeal. But, in the nearly 60 years since the first-ever VR headset, one thing remains true: this isn't the next iPhone.

"Let's put it this way," says Gartner's Tuong Huy Nguyen, a director analyst on Gartner's emerging technologies and trends team. "Everyone who wants a VR headset already has …

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