The Content Recommendation Engine by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Content Recommendation Engine, The content recommendation engine market size has grown exponentially in recent years. It will grow from $5.95 billion in 2023 to $8.08 billion in 2024 at a compound annual growth rate (CAGR) of 35.7%. The growth in the historic period can be attributed to increasing volume of digital content, user engagement and retention, personalization trends, competition in streaming services.
The content recommendation engine market size is expected to see exponential growth in the next few years. It will grow to $28.19 billion in 2028 at a compound annual growth rate (CAGR) of 36.7%. The growth in the forecast period can be attributed to cross-platform integration, integration with voice and conversational interfaces, ai explainability and transparency, contextual recommendations, enhanced privacy measures, dynamic user profiles. Major trends in the forecast period include rise of personalization, data analytics and machine learning advances, integration with streaming platforms, cross-platform recommendations, context-aware recommendations.
The rapid digitalization is expected to propel the growth of the content recommendation engine market. Digitalization is the use of various digital technologies and the increase in digital access to change a business model and value-producing opportunities to generate high revenue. For instance, in March 2023, according to the International Energy Agency (IEA), a France-based intergovernmental organization, in advanced economies, the level of digitalization, on average, increased by 6%. Notably, in sectors with greater digitalization, there was a substantial reduction of 20% in labor productivity losses when comparing the 75th percentile to the 25th percentile of digitalization levels. Content recommendation engines are widely used in many firms to optimize business operations and attract maximum customers, improve customer engagement and drive higher revenues. According to the article published by Barilliance Ltd., an Israel-based company that provides personalized solutions for e-commerce platforms and email marketing, in September 2021, approximately 31% of e-commerce revenue is generated from product recommendations. Therefore, rapid digitalization in businesses is driving the content recommendation engine market growth.
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The content recommendation engine market covered in this report is segmented –
1) By Component: Solution, Service
2) By Filtering Approach: Collaborative Filtering, Content-Based Filtering, Hybrid Filtering
3) By Organization Size: Small And Medium Enterprises, Large Enterprises
4) By Vertical: E-Commerce, Media, Entertainment, And Gaming, Retail And Consumer Goods, Hospitality, IT And Telecommunication, BFSI, Education And Training, Healthcare And Pharmaceutical, Other Verticals
New product innovation is the key trend gaining popularity in the content recommendation engine market. Major companies operating in the content recommendation engine market are focused on product innovations that could give better recommendation solutions used online business platforms and strengthen their position in the market. For instance, in June 2022, Algolia, a US-based company providing personalized solutions for e-commerce platforms, introduced its advanced recommendation platform based on hybrid filtering combined with artificial intelligence known as Algolia recommend spring. Hybrid filtering technology uses both filtering methods to fill gaps in prediction processes, such as content-based filtering for users’ current interests and collaborative filtering for preferences and behaviours of users this combination can provide an accurate prediction. The platform is an artificial intelligence-based recommendations engine integrated with a search and discovery platform to connect with users to provide relevant, actionable recommendations to enhance customer engagement.
Major Players:
- International Business Machines Corporation (IBM)
- Amazon Web Services Inc
- RevContent
- Taboola
- Outbrain Inc, Cxense ASA
The content recommendation engine market report table of contents includes:
1. Executive Summary
2. Content Recommendation Engine Market Characteristics
3. Content Recommendation Engine Market Trends And Strategies
4. Content Recommendation Engine Market – Macro Economic Scenario
5. Global Content Recommendation Engine Market Size and Growth
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31. Global Content Recommendation Engine Market Competitive Benchmarking
32. Global Content Recommendation Engine Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Content Recommendation Engine Market
34. Content Recommendation Engine Market Future Outlook and Potential Analysis
35. Appendix
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