As part of a global analysis into virtual (VR) and augmented reality (AR), PwC has calculated a $1.5 trillion boost to the global economy by 2030.

AR, VR Technology to Add $4.1 Billion to UAE Economy in 10 Years, Claims PwC

Michael King

The latest study carried out by global professional service firm PwC, augmented reality (AR) and virtual reality (VR) may push $4.1 billion or Dh 15.05 bn into the UAE economy by the year 2030. With this, the country will also get a boost in its gross domestic product (GDP) by 1 percent.

According to reports, AR and VR technology will also help in generating 42000 new local jobs in UAE in the next 10 years and 23 million jobs all across the world. PwC pointed out that AR and VR technologies are likely to add $1.5 trillion to the world economy in the next 10 years.

PwC Middle East Chief Digital Officer Ali Al Hosseini said that the Middle East has been at a crucial juncture as it is going through a massive transformation.

Choosing the path of early technology adoption will have tremendous implications for business, society and the region’s economy as a whole. No place exemplifies this drive for innovation and openness to change better than the UAE,

asserted Ali Al Hosseini.

Ali Al Hosseini claimed that AR and VR technologies would develop how companies operate in a country, introduce a smooth shift to a more effective process, help in educating people more effectively, and create an amazing user experience.

According to experts, Finland, Germany, and the UK will register the highest impact from AR and VR in their respective economies. The AR and VR technology will add 2.64 percent, 2.46 percent, and 2.44 percent to their GDP by the year 2030.

AR is expected to boost real-world scenarios by utilizing digital abilities. It will allow users to communicate with other people while retrieving digital details that may include text messages and operating navigation apps. Meanwhile, in VR technology, users are expected to don headsets with powerful high-resolution lenses. Presently, it has been used largely for gaming and immersive video, thus providing users with an altogether different experience that is entirely different from the real or physical world. Tech companies have already begun making heavy investments in these sectors.

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