Recommendation Engine Market
The growing adoption of digital technologies among organizations resulting increased demand for recommendation engine solutions.
PORTLAND, PORTLAND, OR, UNITED STATE, April 11, 2024 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Recommendation Engine Market Size Reach USD 43.8 Billion by 2031, Key Factors behind Market’s Hyper Growth.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global recommendation engine market was valued at USD 2.7 billion in 2021, and is projected to reach USD 43.8 billion by 2031, growing at a CAGR of 32.1% from 2022 to 2031.
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The global recommendation engine market is driven by factors such as rise in adoption of digital technologies, increase in focus enhance customer experience, and increase in use of the deep learning technology in AI recommendation engine solution. Increase in demand to analyze large volume of data is expected to offer remunerative opportunities for expansion of the recommendation engine market during the forecast period.
The recommendation engine market is segmented on the basis of by type, deployment model, application type, enterprise size, industry vertical, and region. On the basis of type, the market is categorized into collaborative filtering, content-based filtering, and hybrid recommendation. On the basis of deployment model, the market is fragmented into on-premise and cloud. On the basis of enterprise size, the market is bifurcated into large enterprises and SMEs. By application type, the market is divided into personalized campaigns & customer delivery, strategy operations & planning, and product planning & proactive asset management. By industry vertical, it is classified into BFSI, IT & telecom, healthcare & life science, retail & consumer goods, media & entertainment, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA
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COVID-19 Scenario-
● The COVID-19 pandemic had positively impacted the growth of the recommendation engine market, owing to increase in demand for digitization and the appearance of new e-commerce platforms.
● Moreover, with the increase in fear of getting infected, people were compelled to make the shift from physical stores to online shopping. This shift resulted in the growing demand for recommendation engine market.
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By application, the personalized campaigns and customer delivery segment accounted for more than two-fifths of the global recommendation engine market revenue in 2021 and is expected to maintain its lead in terms of revenue during the forecast period. The product planning and proactive asset management segment would also portray the fastest CAGR of 34.6% from 2022 to 2031, as it provides more accurate recommendations to users, which has led to an increase in their adoption this can help a business to identify areas of improvement, develop better strategies and operational plans, and better target customers.
By industry vertical, the retail and consumer goods segment held the major share in 2021, generating more than one-fourth of the global recommendation engine market revenue and is expected to maintain its lead in terms of revenue during the forecast period, as it is used to identify customer behavior patterns in order to improve customer service and marketing strategies. The BFSI segment, on the other hand, would portray the fastest CAGR of 35.3% from 2022 to 2031, owing to increase in technological innovations and the need to secure online consumer data and activities.
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By region, North America generated nearly two-fifths of the global recommendation engine market revenue in 2021, and is expected to dominate by 2031. The growth of the market across North America is driven by various factors such as the increase in adoption of advanced technologies and increase in government support for emerging technologies in the region. However, Asia-Pacific would showcase the fastest CAGR of 34.6% from 2022 to 2031. The marker growth across Asia-Pacific is driven by increase in penetration of e-commerce, an upsurge in online shopping transactions, and an upsurge in the number of Over the Top (OTT) service providers.
The key players that operate in the recommendation engine industry are Adobe, Amazon Web Services, Google LLC, Hewlett Packard Enterprise Development LP, IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, Salesforce, Inc., and SAP SE. These players have adopted various strategies to increase their market penetration and strengthen their position in the recommendation engine industry.
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