PwC’s ‘Seeing is believing’ Report Forecasts VR/AR Tech to add £1.5 Trillion to Global Economy by 2030
PwC has been a long term proponent of virtual reality (VR) and augmented reality (AR) technology, previously creating an interactive map of the UK industry as well as partnering with creative agency REWIND on a futuristic city experience. Today, the global accountancy firm has released a new report called ‘ Seeing is believing’, looking at both the UK and global economic boosts.
When it comes to the UK PwC forecasts that both VR and AR will add £62.5 billion GBP to the UK economy by 2030, equating to a 2.4% boost to GDP. The largest contribution will come from the AR sector with £44.4 billion while VR will provide £18.1 billion.
As for the impact on a more global scale, the report goes on to forecast that VR and AR have the potential to add £1.4 trillion to the global economy by 2030, with AR once again provide the bulk of this, accounting for £985 billion.
“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,” said Jeremy Dalton, Head of Virtual Reality and Augmented Reality, PwC UK in a statement.
“However, 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 forward. 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.”
There’s still a lot of positivity in the sector about VR and AR’s growth potential, whether it’s consumer or enterprise-focused. PwC predicts the healthcare sector will provide a boost of £316 billion to global GDP by 2030 while development and training will add £265.2 billion. Head to the PwC ‘Seeing is believing’ website to see a handy interactive explorer which lists the impact VR and AR has over the next decade and in other countries. For further updates on the health of the immersive industry, keep reading VRFocus.