AR Seen Creating $5.5 Billion ‘Market Value’ for Automotive Industry in 2022
Augmented reality will create a $5.5 billion “market value” for the global automotive industry in 2022, rising at a 177 percent compound annual growth rate for the next five years, ABI Research said in a Monday report. AR “benefits automotive…
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manufacturers at many stages of a product cycle, including design, prototyping, manufacturing, and marketing,” ABI said. Though automotive AR use is “still early,” the applications “have already shown proven” return on investment, it said. “ROI is always the first question to answer for any new technology, and this is especially true for AR.” The “symbiotic relationship” between AR and the “end-to-end automotive market is strong, and will continue to strengthen and grow,” it said.