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More than 62 million vehicles in the US will be capable of vehicle-to-vehicle (V2V) communication by 2023, according to analysis by Juniper Research.

The total will rise from just over 1.1 million in 2019, an average annual growth rate of 173% over four years, according to its research.

Its study, Consumer Connected Cars: Telematics, In-Vehicle Apps & Connect Car Commerce 2018-2023, found that rollouts of 5G networks, anticipated to launch next year, will be the key to the expansion of V2V communications.

Juniper predicts that the US will become the leading market for V2V deployments, with 60% of new vehicles sold being V2V-capable by 2023.

The technology could transform risk management, as vehicles can warn each other of dangers and avoid incidents, which could prevent more than 9,300 road deaths annually, a quarter of the annual total, the research company believes.

Research author Sam Barker said: “The safety benefits of V2V are clear, however no incumbent technology can provide the network conditions across the entirety of road networks. 5G will be the key facilitating technology of these automotive safety features, however long vehicle refresh rates, typically around 8-12 years, will hinder mass adoption.”

The research also predicted that automotive OEMs will explore new strategies to generate revenues beyond the vehicle sale, including in-vehicle content subscriptions. It predicted that revenues from directly-integrated vehicle apps will exceed $2.2 billion by 2023.

Juniper says that in addition to leveraging 5G networks, OEMs must open up their in-vehicle ecosystems to third parties in order to accelerate the development of emerging and future automotive content revenue streams.