AR VRAccording to PwC’s ‘Seeing is believing’ report, the economic potential for virtual and augmented reality in 2030 will reach $ 1.5 trillion and 23 million people worldwide. Virtual and augmented reality applications will evolve from a niche phenomenon for gamers and movie fans into an influential technology of the future, the market researchers believe.

The PwC analysis also concludes that VR and AR technologies have a significant impact on employment: currently, around 824,000 jobs worldwide are directly impacted by VR and AR and the number of people working with AR / VR support could increase to 23.4 million by 2030.

The authors assume that all industries - from the healthcare sector, through production to trade and the consumer goods industry - will benefit from virtual and augmented reality. The technologies are not only well suited to make processes and procedures more efficient, but also the way people work together.

“Everything is in place for these technologies to now deliver on their promise by improving the ways organizations operate, making processes faster and more effective and creating incredible new experiences”, Jeremy Dalton, Head of VR/AR, PwC UK says.

These areas and industries will particularly benefit from virtual and augmented reality applications:

  • AR and VR technologies make it easier to develop products and services, contributing $ 359 billion to global GDP. AR and VR enable companies to work together in virtual environments which saves a lot of time and money.
  • According to the analysis, AR and VR technologies will generate GDP growth of $ 351 billion in the global healthcare sector. VR is already being used in the training of doctors to allow them to get close to surgery without being in the operation room themselves.
  • The use of augmented and virtual reality in education and development will contribute approximately $ 294 billion to global GDP. With AR and VR, for example, very realistic training scenarios can be simulated without risks.
  • VR and AR offer the opportunity to improve the efficiency, productivity and accuracy of employees and processes. PwC experts estimate the potential in this area to be around $ 275 billion by 2030. For instance, engineers can receive information in real time via an AR interface in order to quickly identify problems and carry out repairs quickly.
  • In the gaming sector, many people have already encountered virtual and augmented reality. The technology also offers great potential in retail, for example in the form of virtual dressing rooms or applications that allow users to see what a piece of furniture would look like in their home before buying. VR / AR applications have a potential of $ 204 billion for the entire retail and consumer goods industry, PwC’s report states.

By Daniela La Marca