Project: Economics

Student’s Name:
Introduction:
Augmented Reality and Virtual Reality could bring $ 1.5 trillion to the global economy by 2030.

By meeting new customers, accelerating component progress, and improving workforce

preparation, effort coordination, and effectiveness, we can measure AR and VR innovations that

can drive the state of GDP a commitment of 46.4 Billion US dollars for the global economy to

more than 1.5 trillion US dollars by 2030. This is comparable to a 1.8% increase in global GDP.

In particular, augmented reality is expected to add $ 1.1 trillion to global GDP by 2030, while

VR will add $ 0.4 trillion. In the UAE alone, it is estimated that these developments in the

nearby economy could generate more than $ 4 billion, equivalent to 1% of GDP, by 2030. It is

not unlikely that a nation clearly committed to innovative progress will take advantage of these

opportunities now

UAE’s Scenarios for COVID-19

The models of the COVID-19 pandemic, developed by public welfare organizations and other

irresistible disease specialists, showed the terrible disease and decline of the Covid narrative

across populations around the world and was the reason governments around the world accepted

this rigorous disease. Closing procedures that resulted in the widespread completion of financial

training. The early investigation focuses on the tremendous stress in the global economy, with a

dip in the global stock market, maintaining trade speculation as a dove of customer trust, and

emergency financial exchanges as financiers investigate the level of damage the pandemic could

cause if it fell of corporate productivity.

The IMF's latest June 2020 World Economic Outlook report explains why the world economy

"will primarily face the worst downturn since the Great Depression, surpassing what we saw 10

years ago during the global monetary emergency". The key figure for the impact of the COVID-
19 pandemic is that the decline in global financial practices will result in a negative pace of GDP

development around the world.

Fourth Industrial Revolution

Fourth industrial revolution will radically change the way we collaborate, work and shape our

lives. The worrying developments are at the forefront of this shift, and the latest innovations with

the potential to transfer new freedoms are VR and AR. These offer exceptional financial

potential by improving the way associations work, making measures faster and more successful,

imparting knowledge and skills and making new encounters unimaginable. Before delving

deeply into the critical implications of these problematic developments, it is acceptable to first

understand what these developments are and what things are important to better deal with them,

to see how organizations are performing on both regional and regional levels Doors that are more

open at regional level open globally.

AR
Augmented Reality brings advanced real data, objects or media via a mobile phone or

headphones. These components can be displayed as a flat graphical overlay or as a seemingly

original "3D" object.

VR
Virtual reality puts customers in a completely computer-aided environment via headphones or an

all-in-one display. This atmosphere can be created or recorded in a 360-degree video on a

computer. This report focuses on the opportunities arising from these worthwhile developments,

their likely financial implications in the UAE, and how businesses should take advantage of the

happy breaks from these innovations. Neither VR nor AR are new innovations, but there are two

overarching styles that ensure their widespread use - the business benefits they can currently
convey are more extravagant and attractive than ever, and mechanical advances make for an

improved, serious persuasion experience for the end customer.

The business benefits

The business benefits of VR and AR range from improved preparation to lower risk to faster

item planning and transportation. An important feature of the VR and AR show assemblies is the

preparation and testing of actors and methods, including the reenactment of practical processes in

work situations and even in high risk conditions. For example, Emirates NBD has sent its

employees a virtual reality foundation that uses re-enactments to help actors understand life

situations in a virtual climate, but from the customer's point of view. By uniting groups from

each region into a single virtual space, VR and AR innovations can also accelerate the progress

of elements. Training groups can more effectively examine, test, and evaluate different ideas

without investing resources in actual models. This allows associations to offer better goods in

order to sell them to the public faster.

Virtual and augmented reality can reduce costs and increase overall efficiency, from improving

the efficiency of distribution center staff through the use of augmented reality glasses that

enhance selection and compression, to deploying Live data for architects and specialists on site.

The benefits aren't just about measuring the improvement. Many organizations are beginning to

see the opportunity to develop new sources of income and develop existing sources of income.

Retail, friendliness, and automobiles are just three areas that have so far explored the potential to

sell and display items through both virtual and augmented reality, while games and thrillers

leverage innovation to create new items and encounters.

Although these new opportunities need to be underpinned by a solid business model, the use of

virtual and augmented reality can also help position a company as innovative and pioneering in
its industry. Hence, this can help attract partners, speculation, or skills. When the competition for

skills - and especially technical skills - is exceptional, associations have an opportunity to make

themselves more attractive by demonstrating a reformist methodology.

Improved technology
Another compelling explanation for companies currently looking to explore the benefits of

virtual and augmented reality is that innovations are finally being transformed. Using virtual

reality and augmented reality may be inconvenient before, but the equipment and programming

are gradually becoming easy to use, the content is no doubt becoming more complex, and the

optimized network opens up an entirely different set of business use cases.

Likewise, 5G networks will mean that headphones these days won't require massive implicit

settings, storage, performance constraints, cost reductions, and anything else that allows for more

user-friendly plans. This preparation and skill is transferred to the cloud, taking all aspects into

account. The point is to move early to 5G organizations in the GCC countries, especially the

UAE, in order to improve the current contributions to public support in the UAE. This move will

stimulate financial consolidation by promoting the expansion of innovation and the information

industry. In addition, according to the UAE Vision 2021 and Expo 2020, the reception of 5G

networks is expected to support each country's current and future cash progress plans, taking into

account buyer meetings, improved and new projects. Another important area for innovative

improvement is touch, which is the use of touch, which every now and then can be referred to as

the physical web. When applied to virtual reality and augmented reality, haptics enable

customers to "connect" to objects in the virtual world and receive quick criticism. We feel in

favor of advanced communication that improves the virtual experience. What if we demonstrated

how customers collaborate with haptic innovations? In the computer game industry, depending
on your activities, the tool can vibrate in real time when customers are busy with a controller or

steering wheel. This support is an example of how haptic inputs get used to your rejuvenation

experience.

The economic impact

Our research shows that virtual reality and augmented reality are great opportunities for

associations to estimate and reduce costs. The effects of these developments go far beyond they

could drive the development of a few businesses, including the online business market, and aid

deals in both retail and other buyer encounters. We've broken down the significant use cases of

VR and AR into five distinct categories and anatomy of commitment anyone could actually

make, based on an analysis from the PwC area specialist. However, the use of these

advancements is not limited to just these applications or areas.

Healthcare
Virtual reality is now being used in medical services to enable clinical students to reach work

centers without the crowds and without real risks. Augmented Reality also enables medical staff

around the world to talk to one another and make open inquiries. Ongoing logical research has

shown that restoring virtual reality is appropriate in the treatment of conditions such as balance

disorders, cerebral palsy, Parkinson's disease, and stroke patients. This increased efficiency

should also allow for smoother tasks for medical clinics and an increase in the number of patients

examined by a specialist on a daily basis. It can provide the opportunity to essentially prepare

clinical professionals, examine approaches from different topographical areas, and teach strong

and proprietary therapeutic drugs, competencies for the medical service industry. This is

reflected in the expected reduction in preparation costs and an improvement in the nature of the

administrative transfer.
AR, VR and the United Arab Emirates
A comprehensive look at the rated VR and AR commitments to UAE GDP. The market for

virtual reality and augmented reality is developing rapidly. As these innovations continue to be

improved and used in the UAE, the country can receive rewards. We measure global financial

inflows of $ 1.5 trillion by 2030, the $ 4 billion (or 0.3%) accrued for the United Arab Emirates.

In UAE GDP more than virtual reality in years to come. Virtual reality engagement must reach $

1.3 billion by 2030 while augmented reality engagement is required to develop nearly $ 3 billion.

Augmented reality innovations are now more effective, e.g. Face channels in web-based media

phases such as Snapchat or Instagram and apps such as Pokémon Go. On the other hand, the

security risks related to the type of data VR groups can collect that was previously disorganized

can slow the adoption of VR innovations in the short term.

While the UAE has poured resources into VR and AR innovations and has seen unmistakable

cash gains to buy, the difference between PwC screening in different topographical regions is

that the UAE is lagging behind. After an estimated absolute $ 1.5 trillion commitment to virtual

and augmented reality developments for global GDP by 2030, the United States accounts for the

largest portion of 39%, while the UAE accounts for the lowest percentage of 0 , 3% must be

public supplements. In addition, progress is also needed in relative terms to contribute less than

1% of GDP to the UAE economy, up from the 1.8% global rate.

Conclusion:
The UAE has always shown a clear responsibility for accepting new developments, for example

through the great activities in the city in Abu Dhabi, Dubai, Sharjah and Fujairah. These

activities mean creating urban areas where all assets are upgraded to be the most productive,

departments are coordinated, and the most advanced encounters with life and work apply to all.
Advances in virtual and augmented reality can play an important role in making this vision a

reality.

Recently, the Abu Dhabi government granted further approval to organizations with hands-on

experience in innovation to advance development in the region. The ADGM Technology Startup

License provides a full work permit and the ability to create an item in Abu Dhabi without

incurring high startup costs in the first two years. Dubai, in particular, is focused on becoming

the development center in the world and has implemented various activities effectively. Building

on His Highness Sheikh Mohammed bin Rashid Al Maktoum's innovative base, the Government

of Dubai has sent activities such as the Dubai Future Foundation and the Dubai Future

Accelerators Program to support these developments.

These activities are beneficial to those who are actively seeking help, but there are still limits to

survival. The limited access to preparation in the explicitly anticipated functions to create and

operate these developments is a primary limitation that needs to be addressed. For example,

advances in virtual and augmented reality can be implemented in continuing education to

provide students with dynamic and applicable skills to shape these developments, to make them

and to react to them. The government has postponed projects to align current organizations with

the anticipated uses of augmented and augmented reality, as well as the additional administrative

motivational forces of organizations pouring resources into these innovations are potential

proposals to incorporate their use in organizations, and even additional speculation to attract.

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