One of the well accessible and demanding technologies of the 21st century is VR- Virtual Reality. A survey by PwC shows that VR/AR technology can boost the global GDP by $1.5 trillion by 2030.
The case studies narrowed the world scope into the selective applications that can be a major boosting and last a greater impact on the global economy.
The applications such as education and training, health care industries particularly in surgeries, VR/AR technology can bring a massive experience to the consumer. In the entertainment sector, the video gaming industry can also enhance the consumer experience.
In Europe, the VR market size in 2018 was recorded as $4.57 billion whereas, in 2026, it was expected to be $50.55 billion.
The cost reduction of the VR/AR product or even diagnosing patients efficiently and ensuring high success rates in surgical procedures can impact the global economy more positively.
The S-shaped curve model also demonstrates the interested candidates are from the innovator background, Early adopters for the technology, or the Early majority (the group of people who wait to see the success with the mainstream field).
As per the PwC report, in the UK, the economic growth could see a rise of $69bn in GDP, i.e. 2.4% growth and hence supporting 401,000 jobs. France is expected to see a growth rate of 1.6%, a $50bn increase in GDP whereas the German economy could see a growth of 2.5%, a $104bn boost to GDP, due to AR and VR technologies.
Alone by VR technology, Germany will get a boost of $30bn to its GDP, France by $15bn to its GDP, and the UK by $20bn by 2030. The number of jobs will be enhanced to 400,000 in Germany and the UK, whereas 200,000 in France.
The AR/VR headsets due to their lighter, cheaper, and more comfortable version also significantly improves the user experience. As per the PwC report, “5G will also mean headsets are no longer as reliant on built-in processing or storage, likely bringing down cost and enabling more user-friendly designs.”
Jeremy Dalton, head of virtual and augmented reality, said: “Organisations need to look beyond the software development stage and focus on designing the solution to solve a specific business issue – VR and AR can be used to speed up processes, improve safety, reduce costs or open up new revenue streams”.
Dalton said: “Start small with a pilot program to see the technology in action”.
“Follow up by gathering feedback to direct the next step, which could be further investment or a pivot in a different direction, or a completely different path,” said Dalton.