The economic and social impact of immersive technologies
The results of the Politecnico di Milano study for Meta
Immersive technologies are the new frontiers of innovation: they can significantly shape future growth and drive strategic investments in various sectors of the Italian economy, as well as offer new opportunities in learning and digital skills development and lead to the creation of new jobs. This is the picture that emerges from the independent academic study conducted by Politecnico di Milano, chosen by Meta to analyse the economic weight and social value of immersive technologies and their impact on people, society and the Italian economy.
The research assessed the economic impact of immersive technologies on the Italian economy over the next five years: according to the study's indicators, in 2029 the impact could be estimated at around €18.8 billion (or 0.8% of GDP) in the worst-case scenario, and €25.7 billion (or 1.09% of GDP) in the most promising scenario.
The study also predicts that between 2024 and 2029, immersive technologies will contribute a total of approximately €34.6 - 47.2 billionto the economy.
The development of these technologies lays the foundation for the growth of the Italian economy through the creation of new jobs and the increase in demand for digital skills supported by the development of training programmes. Indeed, a substantial improvement in digital skills would allow Italy to climb the DESI (Digital Economy and Society Index) rankings. Today only 46% of the Italian population seems to have at least basic digital skills, compared to an EU average of 54%.
In order to achieve these results, it is crucial for these technologies to become an integral part of people's daily lives. For this to happen, barriers must be overcome at the psychological level (ie the challenges related to cultural changes and different work routines) and at the functional level (ie the usability, the cost of AR/VR devices, privacy concerns), while also considering the elements that positively influence the propensity to use these technologies at the individual and societal level, namely the ease of use, the entertainment dimension, the possibility of collaboration in the work environment, the ability to overcome geographical limitations, as well as a greater perception of social presence.
On the business side, however, companies are already implementing AR/VR solutions, especially in the fashion, media and entertainment spheres, which account for more than half of the initiatives in the metaverse. However, the use of AR/VR in the Business-to-Consumer sector is lower than in the Business-to-Business one.
The analysis emphasises that it is crucial to simultaneously involve companies, end users and institutions, as the adoption of these technologies is also strongly linked to the political and regulatory scenario in which they operate. Strategic alignment between developers and companies is also required to balance technological advances with user expectations.
Immersive technologies have the potential to significantly influence human behaviour and society as a whole by greatly facilitating interaction and collaboration between individuals. These technologies are gaining increasing popularity due to their immediate usefulness, the motivation for their adoption and their ease of use, making them accessible to a wide audience. In Italy, the use of these technologies in strategic sectors such as automotive and fashion proves their potential in changing business processes and improving users’ experience. In the long term, the effect of the metaverse on the national Gross Domestic Product will depend on factors such as infrastructure development and a progressive evolution of the current regulatory framework,
said Giuliano Noci, Full Professor of Strategy and Marketing at Politecnico di Milano and scientific director of the study.