Virtual Reality has been the subject of mixed opinions in terms of impacting the economy. While reports from Pricewaterhouse Coopers (PwC) have spoken positively of the impact of VR on the global economy, several big players have diverted focus away from immersive.
As per a report by PwC, VR has the potential to revolutionize industries such as manufacturing, energy, healthcare, retail, training, and development.
Statistics On The Impact of VR on The Economy
Virtual Reality and Augmented Reality have the potential to impart a considerable boost to global economic growth over the next decade, according to a report from PwC.
The professional services conglomerate considers that VR and AR could add a whopping $1.5 trillion, or 1.8% GDP, to the global economy by 2030.
A report called Seeing is Believing by PwC claims that the US could witness the grandest benefits from the immersive technology, observing a boost of 2.8% GDP potential, with the addition of 2.3 million US jobs.
Expansion in the UK could hit up to 2.4% because of AR and VR, introducing 401,000 jobs, while Germany could observe a boost of $104 billion, as claimed by PwC.
According to CCS Insight, 75 million VR and AR headsets will get sold by 2023, which would be up from 14.7 million in 2019, placing its market worth at $13 billion. However, to hit such a figure, VR and AR must evolve and tweak products accordingly.
Business Benefits of VR Adoption
Business benefits of VR range from enhanced training to the mitigation of risk and speeding up product design and delivery.
A significant benefit offered by VR to organizations is the training of employees as-well-as the testing of procedures. This layout includes the simulation of practical scenarios and high-risk environments. For instance, militaries have implemented VR to train soldiers for risky activities such as parachute jumps and bomb disposal.
5G will significantly aid the maturity of VR and influence the economy positively. With 5G offering gigabit-per-second speeds and reduced latency, next-gen VR headsets will facilitate a smoother content experience.
PwC mentions that previous iterations of VR headsets might have been bulky; however, the modern VR headsets are lighter, affordable, and more comfortable, while there is a better field-of-view. This is leading to businesses investing more in VR to bring about digitization and advancements, which is significantly aiding the economy.
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Boost in the Effectiveness of Marketing Through VR
Brands are implementing Virtual Reality to enhance the customer experience to create an upsurge in customer loyalty. The objective of such VR initiatives must be to provide the customers with an immersive experience to promote their association with the product.
You can also use VR in sensitive fields to ensure that employees are well-trained and licensed before undertaking relevant or potentially critical tasks.
In the health care industry, VR can help train and test surgeons before they begin to operate for real on a person. According to some experts, VR might even be capable enough to simulate resistance as the surgeon operates on the virtual patient.
In health care, employees can get tested as per their proficiency in carrying out procedures in a virtual operating room. This way, employers can determine if a candidate is fit to work at their medical firm.
Sectors such as architecture, manufacturing, and design, and real estate are embracing VR for improved experiences. VR can also be used to treat PTSD, which will significantly rev up its expansion in the health care sector.
The Future of Virtual Reality
Virtual Reality is a technology that exhibits the highest projected potential for growth. According to the latest forecasts from IDC Research (2018), investment in VR and AR will multiply significantly over the next four years, hitting a whopping 15.5 billion euros by 2022.
VR is the key that will drive the digital transformation plans of companies. The spending of companies in this domain will surpass that of the consumer sector in the upcoming years.
The market is now brimming with applications that transcend beyond leisure, tourism, or marketing and have become more affordable for users. Virtual interfaces require improvements to avoid defects like clipping.
It is also imperative to alleviate the effects that VR leaves on people, one being motion sickness. Prolonged use of VR headsets can lead to dizziness caused by the imbalance between the movement of our body and what the user sees in the virtual world.
Necessary Add-Ons and Improvements
The big technology companies are currently endeavoring to produce cable-free headsets and allow images to be viewed in UHD. Virtual Reality headsets that support 8K are in development and will also come with more powerful processors.
Within the next couple of years, the integration of Artificial Intelligence could also be a thing for VR headsets. The latest 5G standard can also help render exciting scenarios for the evolution of VR.
This standard will enable more devices and large user communities to stay connected. The imperceptible latency offered by 5G will make it feasible for users to view images in real-time.
The unification of Virtual Reality (VR) and artificial intelligence (AI) has helped AR reach significant heights, and the two complement each other in various expertise.
VR employs technology to render simulated environments for you to submerge into, while AI simulates human understanding and reasoning in technological devices incorporated with VR. However, it is imperative that you consider the artificial intelligence cost before combining VR and AI in a single product.
Final Words
The bottom line is that VR and AI are advancing swiftly in terms of possibilities in several sectors. Retailers must provide valuable customer experiences, and the telecom industry has to plan for exponential growth in traffic as-well-as demand for data.
The future of healthcare will become more visual, immersive, and more interactive with the implementation of VR into everyday clinical practice.
Virtual Reality is no longer just about rendering an immersive experience in video games anymore. VR has had a significant impact on businesses and the overall economy. This technology will provide a competitive and progressive advantage if implemented wisely.
