With nearly £2bn up for grabs, are VR and AR part of your 2020 vision?

by Jason Lovell VR/AR Head of Strategy, PwC United Kingdom

Virtual Reality (VR) and Augmented Reality (AR) have a great deal to offer businesses, such as improving training and workplace safety, speeding up product design and helping professionals from surgeons to engineers work more effectively.

Our PwC economists predict these two technologies alone will add up to $1.5 trillion to the global economy by 2030.

That’s a big number and 2030 may seem a long way off. But that total is going to be the result of many different uses for VR and AR, across almost every industry, all delivering benefit to different degrees.

Our analysis predicts 2020 alone will see VR and AR add over £1.9bn to the UK economy.

That figure is almost double the 2019 total - and that is the kind of momentum these technologies are gathering. The combined value of many different use cases - which are possible right now - will start adding up quickly in the coming years, to give us that big total a decade from now.

As interest in these transformative technologies gathers pace, there will be rewards for those organisations who move quickest. As such, I’d urge any business to start thinking now what role AR and VR should be playing in their organisation in 2020. If you want some ideas or inspiration, download our ‘Seeing is Believing’ report.

But here are five steps to get you started in 2020:

1. Focus on solving business problems

Don’t get distracted by the hype or novelty. Focus on understanding what VR and AR can really do for you right now to solve business problems.

2. Think about more than technology

An effective approach to VR and AR relies on more than technology, from what it can do, to how you implement it and how you get people using it. Think about and plan for all these things.

3. Plan for positive experiences

The successful uptake of a VR or AR solution will depend on how comfortable and intuitive it is to use. So plan with a great experience in mind, for everybody. Understand what concerns, questions or hurdles exist and address them proactively.

4. Measure and move forward

Measure the effectiveness, popularity and engagement of what you’re doing. Seek feedback and take it on board. Use it to refine your approach and improve your experiences.

5. Get stuck in

What are you waiting for?

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