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The global recommendation engine market reached a value of US$ 2.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 16.3 Billion by 2027, exhibiting a CAGR of 35.61% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Recommendation engine refers to a data filtering tool that enables marketers to offer relevant product recommendations to customers in real-time. It is leveraged with data analysis techniques and advanced algorithms, such as machine learning (ML) and artificial intelligence (AI), which can suggest relevant product catalogs to an individual. In addition, it can show products on websites, apps, and emails, based on customer preferences, past browser history, attributes, and situational context. At present, it is widely utilized in business-to-consumer (B2C) e-commerce fields, such as entertainment, mobile apps, and education, which require a personalization strategy.
The coronavirus disease (COVID-19) pandemic and complete lockdowns imposed by governing agencies of numerous countries have encouraged enterprises to shift to online retail platforms. This represents one of the major factors catalyzing the demand for recommendation engines to increase sales and maintain a positive customer relationship. Apart from this, the thriving e-commerce industry on account of the increasing penetration of the Internet, the growing reliance on smartphones, and the emerging social media trend are contributing to the market growth. This can also be attributed to changing consumer spending habits and the rising need for convenience, immediacy, and simplicity during shopping. Moreover, the increasing adoption of the omnichannel approach to sales that focuses on providing a seamless customer experience is driving the market. Furthermore, due to the rapid expansion of businesses globally, there is a rise in the demand for recommendation engines to manage large volumes of data and engage users actively. They are also gaining traction in small and medium-sized enterprises (SMEs) worldwide to enable them to increase overall sales by cross-selling new products to existing customers and maximize average order value.
IMARC Group provides an analysis of the key trends in each sub-segment of the global recommendation engine market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, technology, deployment mode, application and end user.
Breakup by Type:
Breakup by Technology:
Breakup by Deployment Mode:
Breakup by Application:
Breakup by End User:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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||2021|
|Segment Coverage||Type, Technology, Deployment Mode, Application, End User, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||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|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
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