UAE Economy to get huge boost up by $4.1 Billion within 2030 with the support of Augmented Reality and Virtual Reality

According to the latest investigation and study were done by the PwC consultancy, within 2030, UAE’s economy will receive a huge boost up in the nation’s gross domestic product to surge ahead by 1 percent as the latest technological tools- The Augmented and Virtual Reality are set to together pump in a whopping $4.1 Billion (Dh15.05 billion) in the nation’s overall economy.

Over probably in the next ten years, AR and VR will cast a significant impact of its shadow in the creation of more amount of employment in the Middle Eastern tertiary as it will support in establishing a mammoth 42,000 jobs, thereby curbing the unemployment levels drastically.

Ali Al Hosseini, chief digital officer at PwC Middle East stated that “the AR and VR technologies would improvise the operations of organizations within the nation, paves a perfect platform for a smooth and consistent transition for an effective processes, and in giving in numerous knowledge for people more effectively and in generation of incredible consumer experiences.”

The PwC also stated that the two R’s Augmented and Virtual reality in combination will globally expect to contribute $1.5 trillion to the globalized economy by 2030. According to the PwC sources, Finland ($7.8bn), Germany ($103.6bn) and the UK ($69.3bn) are about to witness AR’s and VR’s highest impact on the GDP value of their economies within 2030 as it will be adding 2.64 percent, 2.46 percent and 2.44 percent surge in GDP depth.

The overall study revealed that there will be a 0.95 percent surge in the UAE’s economy with the support of AR and VR within 2030. Optimal utilization of the AR intensifies the actual global situations and also enhances the consumers in the enhancement of interactive and communication module with other people in accessing and acquiring the digital data like reading text messages and operating navigation applications.

Virtual reality offers its consumers to overview the world differently with the support of HD (High-definition) headsets and higher revolutionized contact lenses. Its optimal utilization is primarily in the gaming and immersive video arena, offering the consumers a completely different dimensional experience of the actual or physical world.

Technology firms are financing heavily in these sectors. For Illustration: Tech Giant Apple has regarding 1,000 engineers developing products supporting these technologies and aims to harness a combined AR and VR headset with their total attention on the gaming arena, audio-video and virtual conferences among the succeeding few years.

Richard Boxshall, senior economist at PwC Middle Eastern tertiary stated that “AR and VR are completely digitalizing and witnessing a major transformation across the globe we live in and that we have solely seen a fraction of what’s doable.”

Mr. Boxshall also stated that “In the UAE, these technologies will deliver experiences “unlike the other and can build businesses thrive with the correct adoption.”

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