This report provides a snapshot of the state of play of the fast-changing VR and AR industry in Europe in 2016/2017. It describes the potential of this industry to sustain and grow its position as one of the key players on the global VR and AR scene. The key findings of the study include:
- Europe is a strong and promising player on the global VR scene – its competitive advantage formed by a long-standing tradition in VR research and manufacturing industry applications, as well as creativity and cultural diversity;
- 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;
- European companies and researchers can benefit from accelerators and start-up hubs, as well as national and EU public funding;
- The European VR frontrunner countries include France, the UK, Germany, the Netherlands, Sweden, Spain, and Switzerland. A lot of potential for future growth can be found in Finland, Denmark, Italy, and Greece, as well as Eastern and Central Europe including Poland, Estonia, and the Czech Republic;
- VR is capable of transforming and innovating traditional sectors such as manufacturing industries, construction, and healthcare. It can also revolutionize education, culture, traveling, and entertainment. Europe will play an important part in this “VR revolution”;
- Policies of the future enabling good access to finance for innovation and the development of the digital economy will play an important role in developing the VR industry.
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