Increasing demand for personalized recommendations and growing internet usage in the industries are the major factors propelling the global recommendation engine market growth in the forecast period.
According to TechSci Research report, “Recommendation Engine Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028”, the global recommendation engine market is expected to register robust growth during the forecast period, 2024-2028. In addition, the industry is being driven by the growing use of the omnichannel sales approach, which focuses on delivering a seamless customer experience by using recommendation engine. Additionally, there is an increase in demand for recommendation engines to manage enormous volumes of data. Maximize average order value and enhance overall sales by cross-selling, recommendation engines are gaining popularity among small and medium-sized businesses (SMEs) globally.
Additionally, the ability to use data to make better judgements has increased due to technological advancements. Focusing on a single activity or channel obscures, the larger picture of how customers connect with numerous other touchpoints on their path to purchase because the customer journey has grown more complex in the recent years. Retailers and marketers can integrate customer journey touchpoints using a variety of technologies to establish a distinct customer identity for better customer engagement.
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The global recommendation engine market is divided based on type, deployment model, enterprise size, application, end user and region. Based on type, the market is divided into collaborative filtering, content-based filtering, and hybrid recommendation. Based on deployment model, the market is divided into on-premises and cloud, Based on enterprise size, the market is divided into large enterprises, small & medium enterprises. Based on application, the market is divided into Personalized Campaigns & Customer Delivery, Strategy Operations & Planning, Product Planning, and Proactive Asset Management. Based on end user, the market is segmented into retail & consumer goods, IT & telecom, healthcare & life science, BFSI, media & entertainment, and others. Based on region, the market is divided into North America, Asia-Pacific, Europe, South America, and Middle East & Africa.
Based on type, during the projected period, the collaborative filtering segment is anticipated to represent the biggest market share. The collaborative filtering technique divides users based on similarity of preferences by using a vast volume of information, such as users’ behavior, preferences, and activities from the previous records. Recommendation engines powered by AI have been implemented in a number of industry verticals, including retail, media and entertainment, transportation, banking, financial services and insurance (BFSI), healthcare, energy and utilities, manufacturing, and education, for a range of applications, including personalized campaigns and customer discovery, product planning, strategy and operations planning, and proactive asset management.
Based on end-user, the retail and consumer goods in end-user is predicted to expand at the highest CAGR over the projection period. By implementing AI-powered recommendation engines, both end-users have benefited, including client retention, greater revenue, and Return on Investment (RoI). The demand for recommendation engines has been fueled by an increase in government support through advancing digitization across many nations, along with expansion in the eCommerce business.
Based on application, the personalized campaigns and customer delivery segment accounted for the largest revenue share, this segment’s dominance might be attributed to the growing demand for customers to have better services and customer experiences.
By the conclusion of the forecast period, it is predicted that the product planning & proactive asset management category will represent the second-largest revenue share. The increasing adoption of machine learning and AI technologies by multiple organizations to make better business decisions is primarily responsible for the rise of this market sector. Utilizing the information gathered from the decisions, preferences, and behaviors of their consumers, these technologies assist users in generating insights.
Based on region, Asia-Pacific is to witness the fastest growth. The Asia-Pacific region is anticipated to see the market for recommendation engines to develop at the highest rate, led by nations like Australia, India, China, and South Korea. One of the key nations in the Asia-Pacific region with increasing technological adoption, is China.
Major market players in the global recommendation engine market are: –
- IBM Corporation
- Hewlett Packard Enterprise Development LP
- Intel Corporation
- Amazon Web Services
- Adobe
- Salesforce, Inc
- Microsoft Corporation
- Oracle Corporation
- Google LLC
- SAP SE
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“The global recommendation engine market for artificial intelligence (AI) is anticipated to expand significantly over the next five years as a result of the need to keep current clients and draw in new ones, increase profits and Return on Investment (RoI), and analyze vast amounts of client information to generate recommendations. Two of the key market drivers are growing emphasis on improving the customer experience and the movement towards digitization.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
“Recommendation Engine Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2028. 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, Product Planning, and Proactive Asset Management), By End User (Retail & Consumer Goods, IT & Telecom, Healthcare & Life Science, BFSI, Media & Entertainment, and Others), By Region and Competition”, has evaluated the future growth potential of Global Recommendation Engine Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities for the Global Recommendation Engine Market
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