First of all, the update retires Unreal Studio and exporting its features into Unreal Engine, for free. Unreal Engine is now an all-in-one solution for game development, architecture, film, television, automotive, training & simulation, or any other industry.
The new version has new tools for more convincing interior and exterior scenes, and you can nondestructively create and edit open-world landscapes that adapt to other scene elements.
In case you're working on believable characters, creatures, and virtual beings, the update brings the first look at Epic's new strand-based hair and fur system that enables artists to simulate and render hundreds of thousands of photoreal hairs at up to real-time speeds.
There's more, of course. Make sure to follow this link.