Recommendation Engine Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Collaborative Filtering, Content-based Filtering, and Hybrid recommendation), By Deployment Model (On-Premises, Cloud), By Enterprise Size (Large Enterprises, Small & Medium Enterprises), By Application (Personalized Campaigns & Customer Delivery, Strategy Operations & Planning, Produc
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationRecommendation Engine Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Collaborative Filtering, Content-based Filtering, and Hybrid recommendation), By Deployment Model (On-Premises, Cloud), By Enterprise Size (Large Enterprises, Small & Medium Enterprises), By Application (Personalized Campaigns & Customer Delivery, Strategy Operations & Planning, Produc
| Forecast Period | 2024-2028 |
| Market Size (2022) | USD 4.71 Billion |
| Market Size (2028) | USD 26.23 Billion |
| CAGR (2023-2028) | 33.22% |
| Fastest Growing Segment | Cloud |
| Largest Market | North America |
Global
A recommendation engine is a system that recognizes employees and offers them relevant material. One example of how other technical developments continue to alter customer interest and utilize the found at data is mobile applications. The advice engine is recognized as a key element of software and application products in the ICT sector. The two primary categories of recommendation engines are content-based filtering and collaborative filtering.
The recommendation system uses information analysis techniques to seek products that complement the user's preferences. For a variety of reasons, many advice engines are found at. These include the picture recommendation engine, the product recommendation engine for online retailers, the content recommendation engine, and the product suggestion engine. The increasing desire to enhance customer experience is satisfying the need for engines of recommendation.
Adoption of combine technology Fueling the Market Growth
Due to the increasing variety of industries and the subsequent growth in competition, many companies are attempting to combine technology, including computer science (AI), with their applications, businesses, analytics, and services. Around the world, quite a few firms are going through a digital transformation with an emphasis on using automation technologies to increase employee and customer knowledge. Due to the shift to digital, retailers can grow their client base, improve their customer connections, cut expenses, and raise employee morale. Increasing customer experience improvement methods and the growing scope of digital transformation are a few of the main factors driving the global recommendation engine market. For instance, in March 2021 SAP SE purchased Signavio. Signavio was a key player in the enterprise business process intelligence and process management arena. The solutions from Signavio were added to SAP's portfolio of business process intelligence and were designed to work with SAP's comprehensive process transformation portfolio. Owing to this the market is expected to grow in the forecast period.
Advantage To Record and Observe Customer Behavior Propelling the Market Growth
According to ZDNet, 70% of businesses have or are implementing a digital transformation plan.
Retailers may use digital transformation to increase customer acquisition, improve customer engagement, save operational costs, and boost staff morale. Along with other advantages, recommendation engine have a favorable effect on revenue and profits. Over the course of the predicted period, this positive influence will generate sizable prospects for the adoption of recommendation engines.
Moreover, the industry for recommendation engines is always concerned about the issue of inaccurate labeling brought by shifting user preferences. However, engineers are always trying to increase the precision and utility of suggestions. This fact is restraining the market growth in the forecast period.
Companies are looking for strategies and tools to take advantage of. Millions of unique consumers can benefit from these experiences by using private data. Execution determines the outcome. When properly implemented, personalized customer experience may help businesses stand out from the competition, win over customers' loyalty, and achieve a durable competitive advantage—all of which are crucial in the current market.
Due to the increasing demand from consumers, many marketing professionals across organizations have shifted their attention to improving customer experience over time. A 10% boost in year-over-year growth, a 10% rise in average order value, and a 25% increase in closure rates, for instance, according to Adobe company, can be observed by businesses with the strongest omnichannel customer engagement strategy. In addition, companies with strong omnichannel customer interaction strategies and consumer service improvement programs retain 89% of their consumers on average, as opposed to 33% for those with weaker strategies.
Recent Developments
- One ofthe most significant countries in the Asia-Pacific region with increasingtechnological adoption is China. One of the fastest internet networks andpowerful e-commerce businesses, like Alibaba, are found in the nation. Inaddition, China is the world's second-largest OTT market after the UnitedStates. There were 68 memberships for every 100 houses in China, and the numberof people watching internet videos is steadily rising. However, the nationhas strong laws governing the sector, the data utilized, and the types ofinformation that are permitted to broadcast there.
- Alibaba,a major player in the e-commerce sector, employs AI and machine learning topower its recommendations. For instance, the Alibaba search engineering teamcreated the online platform AI OS, which combines personalized search,recommendation, and advertising. The AI OS engine system supports a wide rangeof business situations, including product suggestions on the Taobao homepage,personalized recommendations, and product selection by category and industry.Taobao Mobile information flow venues for significant promotion events are alsosupported.
- January2023 - New Coveo Merchandising Hub's debut was announced by Coveo. With the support of The Hub's extensive feature set,businesses offer customers a highly relevant purchasing experience thatencourages loyalty and increases profitability. It is intended to enablemerchandisers to construct custom experiences that increase conversion.
- InOctober 2021, Coveo purchased Qubit, a London-based start-up that providesfashion shops and companies with AI-powered personalization technologies.
- In October2022, Algonomy released two key links for Shopify and commercetools. which enabled automated and seamless data exchange betweenAlgonomy's products and online shops. Online stores may easily be integratedwith Shopify or Commerce tools using Algonomy Connectors, allowing for thecollection of real-time product data. Connectors boost control and visibilityover the catalogue integration process and eliminate the need for depending onoutside groups and resources to maintain the catalog's data on a regular basis.
Market Segmentation
The global recommendation engine market
Market Players
Major market players in the
| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018 – 2022 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Million, and CAGR for 2018-2022 and 2024-2028 |
| Report coverage | Revenue forecast, company share, growth factors, and trends |
| Segments covered | Type Deployment Model Enterprise Size Application End User Region |
| Regional scope | North America, Asia-Pacific, Europe, South America, Middle East & Africa |
| Country scope | United States, Canada, Mexico, China, India, Japan, South Korea, Indonesia, Germany, United Kingdom, France, Russia, Spain, Brazil, Argentina, Saudi Arabia, South Africa, UAE, Egypt, Israel |
| Key companies profiled | IBM Corporation, Hewlett Packard Enterprise Development LP, Intel Corporation, Amazon Web Services, Adobe, Salesforce, Inc, Microsoft Corporation, Oracle Corporation, Google LLC, SAP SE |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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| 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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