VR and AR technologies ‘finally coming of age’, PwC

VR and AR will add £62.5 billion to the UK economy, a 2.4% boost to GDP, by 2030, according to a report by PwC. They will also have a significant impact on the UK workplace with 1.19% of jobs (400,663 people) utilising the technologies by 2030.

Jeremy Dalton, Head of Virtual Reality and Augmented Reality, PwC UK says: “VR and AR are finally coming of age and have the potential to provide a significant boost to the UK economy. They will also improve the way organisations operate, make processes faster and more effective, and create incredible new experiences.”

However, he adds, the technology needs the full support of key stakeholders in order to fully prosper. Government assistance through financial incentives and funding for research and development is required, as is support for forums that handle regulatory issues as the technologies mature.

“Research groups will need to provide the advancements that drive the technology forwards. And businesses will need to build a better understanding of the technology by getting started and using VR and AR to help solve business problems their organisations face,” Dalton comments.

The use of VR and AR in the retail and consumer sector will provide a £183.9 billion boost to global GDP by 2030, PwC reckons. Retailers will be able to create new customer experiences, from virtual fitting rooms for fashion stores to AR applications that let people test how furniture would look in their home before they buy. The technologies will also help retailers better understand buyer behaviour through advanced consumer research.