According to the latest report by IMARC Group, titled " Recommendation Engine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global recommendation engine market reached a value of US$ 3.5 Billion in 2022. A recommendation engine refers to a software tool that is generally used for increasing engagement with users by recommending relevant product offers to customers in real time. It is mainly created using formulaic, algorithmic and modeling-centric approaches. These engines aid businesses in promoting content on various platforms and actively engaging their users. They help in enhancing sales and average order value, delivering customized and relevant content, offering a consistent brand experience and driving website traffic. As a result, they are extensively used across multiple verticals, such as entertainment, e-commerce, mobile applications and education.
Global Recommendation Engine Market Trends:
The global market is primarily driven by significant growth in the e-commerce industry. This can be attributed to the penetration of high-speed internet connectivity and the growing adoption of smartphones among individuals. In line with this, rapid digitization, the inflating disposable income levels of the masses and the increasing popularity of social media are impacting the market growth favorably. Moreover, continual technological advancements and the integration of the Internet of Things (IoT), machine learning (ML) and artificial intelligence (AI) with recommendation engines are creating a positive market outlook. Furthermore, the rapid outbreak of coronavirus disease (COVID-19) followed by the subsequent lockdown restrictions across multiple countries has provided a boost to the market. Other factors, including rapid urbanization, the escalating need for reducing the cost of operations and improving employee motivation, continuous improvements in the information technology (IT) sector, intensive business competition and extensive research and development (R&D) activities conducted by key players, are also positively influencing the growth of the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 22.2 Billion by 2028, exhibiting a CAGR of 36.63% during 2023-2028.
- On the basis of the type, the market has been segmented into collaborative filtering, content-based filtering, hybrid recommendation systems and others.
- Based on the technology, the market has been segregated into context aware and geospatial aware.
- On the basis of the deployment mode, the market has been categorized into on-premises and cloud-based.
- Based on the application, the market has been divided into strategy and operations planning, product planning and proactive asset management, and personalized campaigns and customer discovery.
- On the basis of the end-user, the market has been bifurcated into IT and telecommunication, BFSI, retail, media and entertainment, healthcare and others.
- Based on the region, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Adobe Inc., Amazon.com Inc., Dynamic Yield (McDonald's), Google LLC (Alphabet Inc.), Hewlett Packard Enterprise Development LP, Intel Corporation, International Business Machines Corporation, Kibo Software Inc., Microsoft Corporation, Oracle Corporation, Recolize GmbH, Salesforce.com Inc. and SAP SE.
|Base Year of the Analysis
||Type, Technology, Deployment Mode, Application, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Adobe Inc., Amazon.com Inc., Dynamic Yield (McDonald's), Google LLC (Alphabet Inc.), Hewlett Packard Enterprise Development LP, Intel Corporation, International Business Machines Corporation, Kibo Software Inc., Microsoft Corporation, Oracle Corporation, Recolize GmbH, Salesforce.com Inc. and SAP SE
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