The inclusion of lidar in the iPhones is as significant as the moon landing: the latter revolutionised how we perceive technology and the former will do that in the coming years. Shifting from boring flat screens into making the digital space our reality, the economic impact of technology first came to light in the 2020s. While in today’s world our mobile phones stay glued to us in our pockets and are only an arm’s reach away, 20 years ago the technological situation was quite different. Most of the people did not have phones and the small population who had them too did not know how to effectively use it because the phones were just limited to SMS or texting. Technology has taken a massive leap from where it was positioned before with the ever evolving population getting to hear buzzwords such as implementation of virtual reality and augmented reality in their day to day life – changes we couldn’t have ever imagined back at the turn of the millennium!
Virtual reality is certainly seeming to prove its mettle and potential in a variety of diverse industries ranging from healthcare, education and infrastructure to e – commerce and tourism. The covid – 19 pandemic which struck our world left us all in agony and distress, snatched away more than 1 million lives, and grasped people’s jobs which resulted in an exponential increase in the unemployment levels across the globe and eventually pushed tens of millions more into extreme poverty. Along with imposing severe health issues ranging from physical pain to mental health issues on people, the economy came to a standstill as the prosperous tertiary industries including tourism and cuisine failed to meet the expectations of the demanding customers with physical distancing and reduction in business operations standing as barriers in their pathway. While COVID-19 can be seen as the dominating factor here, having made human life gruelling and complicated, it did not have the power to invade digital space because of which the human population was able to sustain itself and is still breezing past the terrible strain of the lethal virus. Our education was able to continue due to online classes taking place online. Work too did not stop at most businesses as they held meetings on various social media platforms in order to maximise whatever revenue they could generate during the bleak months of the pandemic induced lockdown. The digital environment certainly proved to be the lifeboat for most of the countries in the globe as they just managed to sail their GDP above the optimum amount, to keep the population running with sufficient food and other necessities. Covid 19 made many of us uncomfortable as it forcefully turned us into digital natives due a change in the pattern of globalisation but it ignited the zeal within us to get more used to virtual reality and believing that it can reach greater heights in the coming future.
Covid-19 restricted us from going to crowded areas and hospitals were certainly one of them. We saw that many innocent people lost their lives because they did not get empty beds in the required time period or doctors weren’t available to cater to the problems of the patients. VR bridges this failing of the system by enabling interactions between the doctor and a patient to take place over the internet much like any school class or business meeting. Virtual imaging also provides clearer and more precise medical records which enables the diagnostic process to speed up because the information of the medical need and requirements reaches the doctor faster due to high quality X – rays and medical imaging being conducted using VR technology. This eliminates crowding to take place with people panicking and barging into the doors of the hospital and instead provides more sufficient time to treat different medical problems that patients suffer from, making the system much more systematic and organised. The healthcare industry under VR is expected to reach a whooping 7 billion dollars by 2026 and thus, making it a great source of revenue for the economy of any country who implements VR into its healthcare facilities.
Many people will be relieved to know that through virtual reality users can travel to exciting places and visit iconic monuments – a leisure that again had been constrained due to the pandemic. This will provide people with a stimulating way to look at the world and it will certainly make it more affordable too. The tourism industry had hit the rock bottom in 2021 as the tourist arrivals in many countries had spiralled down due to pandemic inflicted restrictions but VR provided the opportunity for the tourism industry to rebuild keeping in mind the safety and wellbeing of travellers. This again added and will continue to add to the GDP of countries and will allow globalisation through a different lens because people will get to experience the culture and integrate with other countries through electronic means.
Digitalisation has certainly accelerated economic growth and has provided people with more than 6 million jobs – a key factor in reducing unemployment in many countries. Even Google has started to create advanced private workspaces for its employees using advanced video technology. It is aiming to allow employees to connect with each other virtually so that the hybrid working method results in greater equity between employees working physically and those joining virtually. Google can hire people anywhere from the world and won’t sacrifice efficiency which itself reflects how the virtual platform has allowed economic development to escalate at a rapid pace. Digitalisation has improved the quality of life for many people and has allowed the government to reduce bureaucracy and operate with more transparency. It has greatly benefited mankind during the terrifying pandemic but is believed to be sustainable in the future and bring swift improvement in globalisation ahead in time.
