VR and AR could add p62.5 billion to the UK economy by 2030, says PwC

VR and AR could add p62.5 billion to the UK economy by 2030, says PwC
VR 360 is a news, analysis and opinion site devoted to virtual reality technology, promoting thought leadership from leading brands and platforms and collaborating with industry bloggers to deliver insight, reviews and strategy for all aspects of the ecosystem, from developers to CIOs.

A new report launched by PwC has revealed that virtual reality (VR) and augmented reality (AR) could add £62.5 billion to the UK economy, boosting the GDP by 2.4% by 2030.

The majority of the contribution to the UK economy will come from AR (£44.4bn) with VR providing £18.1bn. VR and AR will also have a major impact on the UK workplace with 1.19% of jobs – coming to just over 400,000 people – utilising the technologies by 2030.

Of the two technologies, AR will continue to provide the biggest benefits to global GDP through to 2030, accounting for £985bn of the £1.4 trillion overall. 

VR and AR are opening up new ways to improve the efficiency, productivity and accuracy of employees and processes, and will provide a £248bn boost to global GDP by 2030.

The use of VR and AR in development and training will provide a £265.2bn boost to global GDP by 2030. It will provide a way to train employees where it is not always practical, or safe, to do so in the real world. VR and AR usage in the retail and consumer sector will provide a £183.9bn boost to global GDP by 2030. The technologies will help retailers better understand buyer behaviour through advanced consumer research.

Earlier this month, a study from Juniper Research revealed that the number of consumer mixed reality app installs will reach 10 billion by 2024, increasing from the current three billion. The research identified social media and games as the key app categories that will drive adoption.

Interested in hearing industry leaders discuss subjects like this and sharing their use-cases? Attend the co-located IoT Tech Expo, Blockchain Expo, AI & Big Data ExpoCyber Security & Cloud Expo and 5G Expo World Series with upcoming events in Silicon Valley, London and Amsterdam and explore the future of enterprise technology.

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