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Virtual reality (VR) and augmented reality (AR) are forecast to add £62.5bn to the UK economy by 2030, according to a new report from PwC. The majority of this 2.4% boost to GDP will come from AR (£44.4bn), with VR providing £18.1bn to the pile. Both VR and AR will also have a significant impact on the UK workplace, with 1.19% of jobs (400,663 people) utilising the technologies by 2030.

One key area where VR and AR will be invaluable is development and training. It will provide a way to train employees where it not always practical or safe to do so in the real world, saving businesses time and money.

PwC’s Jeremy Dalton says: “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.”

However, Dalton stressed that the technology needs to full support of key stakeholders in order to fully prosper. He wants to see government assistance through financial incentives and funding for R&D. He believes there is a real advantage in the UK being an early adopter of the technology.

For more on this check out www.pwc.com/seeingisbelieving

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