Europe has a rich tradition in academic VR & AR research and is also the place where niche and high-precision technologies are developed. These technologies can be used for industrial purposes or in specific areas such as manufacturing, medical trainings or engineering development. At the same time, Europe is diverse in terms of languages and cultures, which inspires creative content creation.
Stable growth of the VR & AR markets is expected both in Europe and around the world. The total production value of the European VR & AR industry is expected to increase to between €15 billion and €34 billion by 2020 and account directly or indirectly for 225,000 to 480,000 jobs.
In terms of business environment, London and Amsterdam in particular create a favourable atmosphere for new VR and AR start-ups thanks to their vibrant business environment and innovative culture. Meanwhile, Paris and Stockholm are likely to go through a rapid growth in the upcoming years as they record the highest annual increase in investment.
VR and AR are powerful technologies that can impact our everyday working and personal lives. So far, VR has proved that it is creating disruption in various application areas from industry to healthcare, from training and education to gaming and entertainment. Continuously new application areas are arising making use of the advantages and strengths of VR and AR technologies.
Source: Study “Potential of VR for Europe” commissioned by the Global Virtuality Reality Association & managed by Edita Bezegova