Economy set for tech boost
Virtual reality (VR) and augmented reality (AR) technologies are forecast to add £62.5bn to the UK economy in the next decade. Research from PwC suggests that more than £44bn of the 2.44% injection to UK GDP will come from AR, with VR to provide £18.1bn as businesses embrace innovation. Jeremy Dalton, PwC UK’s Head of Virtual Reality and Augmented Reality, said: “VR and AR 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.” However, he cautioned that the technology will need the full support of key stakeholders in order to fully prosper. “Government assistance through financial incentives and funding for research and development is required . . . And businesses will need to build a better understanding of the technology,” he added.