According to the latest report by IMARC Group, titled “Recommendation Engine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032. offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How Big is the Recommendation Engine Market?
The global recommendation engine market size reached US$ 4.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 59.1 Billion by 2032, exhibiting a growth rate (CAGR) of 31.2% during 2024-2032.
What is Recommendation Engine?
A recommendation engine represents a data filtering tool that enables marketers to provide relevant product recommendations to customers in real-time. It is generally leveraged with data analysis techniques and advanced algorithms, such as Machine Learning (ML) and Artificial Intelligence (AI), which can suggest relevant catalogs to an individual. In line with this, a recommendation engine can show products on apps, websites, and emails based on customer preferences, past browser history, attributes, situational context, etc. Presently, it is widely utilized in business-to-consumer (B2C) e-commerce fields, such as entertainment and education, which require a personalization strategy.
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Recommendation Engine Market Trends:
The widespread adoption of online retail platforms, on account of the sudden outbreak of the COVID-19 pandemic and the implementation of stringent lockdown regulations by government bodies across countries, is primarily driving the recommendation engine market. Additionally, the expanding e-commerce industry, owing to the growing penetration of high-speed internet connection, the rising reliance on smartphones, and the emerging social media trend, is further catalyzing the market growth.
Besides this, the inflating need for convenience, immediacy, and simplicity during shopping and the increasing utilization of the omnichannel approach that focuses on providing a seamless customer experience are acting as significant growth-inducing factors. Moreover, the escalating demand for recommendation engines to manage large volumes of data and engage users actively is also positively influencing the global market. Apart from this, it is gaining extensive traction in small and medium-sized enterprises (SMEs) to enable them to bolster overall sales by cross-selling new products to existing consumers and maximize average order value, which is expected to fuel the recommendation engine market over the forecasted period.
Who are the key players operating in the industry?
The report covers the major market players including:
- Adobe Inc.
- 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
- com Inc.
- SAP SE.
Key Market Segmentation:
The report has segmented the recommendation engine market on the basis of type, technology, deployment mode, application, end user and region.
Based On Type:
- Collaborative Filtering
- Content-based Filtering
- Hybrid Recommendation Systems
- Others
Based On Technology:
- Context Aware
- Geospatial Aware
Based On Deployment Mode:
- On-premises
- Cloud-based
Based On Application:
- Strategy and Operations Planning
- Product Planning and Proactive Asset Management
- Personalized Campaigns and Customer Discovery
Based On End User:
- IT and Telecommunication
- BFSI
- Retail
- Media and Entertainment
- Healthcare
- Others
Based On Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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