Market Size –
The AI-based recommendation system market size has grown rapidly in recent years. It will grow from $2.01 billion in 2023 to $2.21 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to increasing demand for personalized recommendations, increasing data availability, demand for efficient workforce management, growth in e-commerce, demand for cross-selling and upselling, application in education and e-learning.
The AI-based recommendation system market size is expected to see rapid growth in the next few years. It will grow to $3.28 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to rising adoption of streaming services, expansion of recommendation systems in healthcare, compliance and regulatory requirements, expansion of digital advertising, optimization of content delivery networks (CDNS) . Major trends in the forecast period include personalization dominance, real-time recommendations, adaptive learning models, multi-modal recommendations, enhanced user feedback mechanisms, social influence analysis.
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Scope Of AI-Based Recommendation System Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
AI-Based Recommendation System Market Overview
Market Drivers –
The expansion of digital advertising is expected to propel the growth of the AI-based recommendation system market going forward. Digital advertising refers to marketing through online channels, such as websites, streaming content, and more. Digital ads span media formats, including text, image, audio, and video. The expansion of digital advertising arises due to audience reach, targeting capabilities, measurable results, cost-effectiveness, and personalization. AI-based recommendation systems are used in digital advertising to enhance targeting, personalization, and overall campaign effectiveness while driving user engagement and conversion. For instance, according to Oracle Corporation, a US-based computer software company, digital advertising spending worldwide is estimated to rise from $378 billion in 2020 to $646 billion by 2024. Therefore, the expansion of digital advertising is driving the growth of the AI-based recommendation system market.
Market Trends –
Major companies operating in the AI-based recommendation system markets are developing innovative technologies, such as recommender system support, to enhance the efficiency and effectiveness of recommendation engines. These systems are algorithms or software tools that analyze user data and preferences to generate personalized recommendations for products, services, content, or other items of interest. For instance, in January 2024, Arthur, a US-based AI performance platform, launched the recommender system support for AI-driven recommendation engines, providing a significant advancement in AI technology. This new technology aims to revolutionize how online businesses utilize recommender systems, driving customer satisfaction levels and increasing revenue growth. It also enhances the capabilities of recommendation engines by leveraging AI to provide more accurate and tailored recommendations. Additionally, it has features such as the model overview page, metrics dashboard, data drift monitoring, advanced querying, and filtering the overall user experience on their platforms through personalized recommendations.
The AI-based recommendation system market covered in this report is segmented –
1) By Type: Collaborative Filtering, Content Based Filtering, Hybrid Recommendation
2) By Deployment Mode: On-Premise, Cloud
3) By Application : E-Commerce Platform, Online Education, Social Networking, Finance, News And Media, Health Care, Other Applications
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Regional Insights –
North America was the largest region in the AI-based recommendation system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the AI-based recommendation system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the AI-based recommendation system market are Alphabet Inc., Microsoft Corporation, Alibaba Group Holding Limited (Alibaba), Meta Platforms Inc., Amazon Web Services, Huawei Technologies Co. Ltd., Tencent Holdings Limited, Intel Corporation, International Business Machines Corporation, Oracle Corp, SAP SE, Netflix, Hewlett Packard Enterprise (HPE), Salesforce Inc., Adobe Inc., Sentient Technologies, RecomTech, Kibo Commerce, SmartRecs, AIRecom, IntelliChoice, Unbxd Inc., Coveo Solutions Inc., Algonomy Software Pvt. Ltd., Recolize GmbH, Dynamic Yield Inc., IntelliSuggest, RecomAId, SuggestAI, AIAdvise
Table of Contents
1. Executive Summary
2. AI-Based Recommendation System Market Characteristics
3. AI-Based Recommendation System Market Trends And Strategies
4. AI-Based Recommendation System Market – Macro Economic Scenario
5. Global AI-Based Recommendation System Market Size and Growth
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31. AI-Based Recommendation System Market Other Major And Innovative Companies
32. Global AI-Based Recommendation System Market Competitive Benchmarking
33. Global AI-Based Recommendation System Market Competitive Dashboard
34. Key Mergers And Acquisitions In The AI-Based Recommendation System Market
35. AI-Based Recommendation System Market Future Outlook and Potential Analysis
36.Appendix
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