PwC Report Forecasts VR/AR Tech To Add £1.5 Trillion To Global Economy By 2030

Published 29 November 2019, 02:52

PwC has been a long term proponent of virtual reality (VR) and augmented reality (AR) technology. Today, the global accountancy firm has released a new report called ‘ Seeing is believing’, looking at both the UK and global economic boosts.

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.

The report forecasts 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.

“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.”

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