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Dubai, UAE, 12 January 2020: VR and AR are forecast to contribute $4.1 billion to the UAE economy, a 1% boost to GDP by 2030 according to a new report launched today by PwC Middle East. The majority of the contribution to the UAE economy will come from AR ($2.8 billion) with VR providing $1.3 billion. VR and AR will also have a significant impact on employment in the country, with PwC estimating that 0.6% of jobs (upward of 40,000 people) will be enhanced by 2030.
Ali Al Hosseini, Chief Digital Officer at PwC Middle East says: “The Middle East is at a crossroads today as it undergoes a once-in-a-lifetime transformation. Choosing the path of early technology adoption will have tremendous implications for business, society and the region’s economy as a whole. No place exemplifies this drive for innovation and openness to change better than the UAE. As AR and VR technology finally comes of age, we expect both to help boost the UAE’s economy in a significant way -- the technologies will improve how organisations in the country operate, make for a seamless transition to more effective processes, and most important of all -- educate people more effectively and generate incredible user experiences.”
Richard Boxshall, Senior Economist at PwC Middle East says: “AR and VR are transforming the world we live in and we have only seen a fraction of what is possible. In the UAE alone, these technologies could contribute over $4 billion to the local economy by 2030, equivalent to 1% of GDP. These revolutionary technologies can deliver experiences unlike any other and will make businesses thrive with the right adoption.”
Globally, AR and VR are expected to contribute $1.5 trillion to the global economy by 2030 according to PwC research. This would provide a significant increase on the current contribution to global GDP of $46.4 billion. Out of the two technologies, AR will continue to provide the biggest benefits to global GDP through to 2030, accounting for $1 trillion of the $1.5 trillion overall.
The European economies of Finland ($7.8 billion), Germany ($103.6 billion) and the UK ($69.3 billion) that are forecast to see the biggest increases in percentage terms of GDP by 2030 with contributions of 2.64%, 2.46%, and 2.44% respectively. The UAE alone ($4.1 billion) will see a 0.95% increase.
Globally, the impact of VR and AR on employment over the next decade will also be significant. Currently, fewer than a million jobs are impacted by VR and AR and this will rise to 23 million jobs by 2030, with the biggest impact felt first in large economies like China, the US, the UK and Germany.
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