The impact of VR and AR technologies across the world is highly significant across various industries such as gaming, education, healthcare, and retail.
The economic impacts of VR and AR technologies on a global scale are:
- As per the reports by Statista, the market size of VR and AR is growing rapidly, projecting a market reach of USD 209.2 billion by 2022. The market is growing due to the increasing use of VR and AR technologies for the advancement of technology and hardware.
- An increase in the numerous job opportunities across the world due to the technology and software development industries. As per a report by Digi-Capital, the VR and AR industries will create over 400,000 jobs across the globe by 2021.
- The significant adoption of VR and AR technologies in industries such as gaming, education, and healthcare As per the report by SuperData Research, AR and VR technology will have a significant economic impact on the gaming industry, with a value of USD 3.6 billion by 2020.
- The VR and AR technologies in the education industry are enhancing learning experiences mainly in the science, technology, engineering, and mathematics (STEM) fields.
- The use of VR and AR technologies has immense potential in the adoption of the healthcare industry, with applications such as surgical training, patient education, and mental health treatment.
- A massive amount of revenue has been generated across the world due to the adoption of VR and AR technologies. As per the report by Gartner, in the retail industry, AR and VR technologies are used to enhance the shopping experience. AR technologies in retail industries are expected to generate revenue of USD 1.6 billion by 2025.
The driving growth and innovation in various industries due to VR and AR technologies are experiencing positive growth in the economic prospects across the world.