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The Imagination Economy (Increasing Economic Nationalism (Remote work…
The Imagination Economy
Growing appetite for immersive technologies
VR/AR/MR technologies are becoming more affordable
Easier to reach consumers in new ways
VR enables virtual tourism, creating an immersive, multi-sensory simulation of far away places
VR enables live entertainment events to be experienced remotely with no capacity restrictions
Retailers establish VR stores, use immersive technologies to offer consumers new ways to compare products and interact with samples
Increasing Economic Nationalism
Remote work locations reduce reliance on economic migrants
Lack of on-site presence reduces cultural awareness in business negotiations and marketing decisions
Policymakers may look to control the movement of work product rather than the movement of people
Governments may legislate to prevent the equivalent of high-tech slavery
Rising importance of innovation and speed as critical success factors
Products designed more quickly and economically in a virtual reality world
Engineers and researchers able to spot errors in VR at an earlier point in development
Augmented reality improves manufacturing accuracy and productivity
Industries that rely on physical spaces look for new sources of competitive advantage
Changing patterns in real estate values
Uncertainty about how more widespread use of XR could impact intellectual property and other legal and regulatory issues
Shorter product cycles change consumer expectations and create pressure on all businesses to keep up
Increasing environmental concerns
Immersive technologies create an increasing business advantage to hiring remote workers
Less need to maintain physical workplaces
Employers invest in XR technologies to improve collaborative remote working
Workplaces change their culture and training to support virtual working and learning
VR and AR open up new ways for companies to improve their productivity and agility
Physical infrastructure and distance become less of a concern when companies make choices of location
Easier to build audiences in new markets without establishing a physical presence
Smaller geographic footprint brings lower energy and transport costs, reduced carbon emissions
Employees and customers raise privacy concerns, as activities are easier to track in virtual than physical reality
Shifting more activities into virtual environments increases vulnerability to hacking, spoofing and outages in connectivity