Augmented reality to add £62.5bn to British economy by 2030
Virtual and augmented reality (AR) technologies are forecast to add £62.5bn to the UK economy in the next decade, as businesses embrace innovation in the workplace.
More than £44bn of the 2.44 per cent injection to UK GDP will come from AR, according to research published today by PwC. The technology is used by the likes of Snap and Instagram to present graphics, data or objects in the real world through a mobile device or headset such as smart glasses.
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AR is already being utilised by workers to show diagrams alongside complex processes such as engineering repairs, or to allow site managers to visualise a workplace and spot safety hazards in real time.
Virtual reality (VR), which immerses the user in a fully digital environment through the use of a headset, is set to provide £18.1bn to the British economy by 2030.
The sectors have attracted increasing attention from tech giants seeking to better serve businesses, such as Microsoft which repositioned its Hololens 2 headset towards enterprises earlier this year.
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“Organisations need to look beyond the software development stage and focus on designing the solution to solve a specific business issue,” said Jeremy Dalton, head of VR and AR at PwC.
“VR and AR can be used to speed up processes, improve safety, reduce costs or open up new revenue streams… However, the technology needs the full support of key stakeholders in order to fully prosper.”
Globally VR and AR could add £1.4 trillion to the world’s GDP in the next 10 years.
The US economy is set to reap the highest benefit at a 2.83 per cent increase in GDP, while China and Japan could realise 2.09 per cent and two per cent increases respectively.
Dalton added: “While many organisations might think VR and AR offer no major benefit to their business, our research has shown that’s not the case. Now is the time for them to think about how these technologies can improve their performance or they risk being left behind.”
Image credit: Microsoft