Recommendation Engine Market Overview
In the Recommendation Engine Market report, the forecasting period spans from 2023 to 2029, with 2022 serving as the reference year. This study details a comprehensive analysis of the Recommendation Engine industry, including an in-depth examination of market segmentation. Moreover, historical market dynamics are meticulously scrutinized in the report, aiding clients in drawing parallels between past trends and the current market landscape, while also highlighting the significant contributions made by key industry players.
The section on the competitive landscape delves into the various growth strategies pursued by prominent players. The updates provided in this section offer valuable insights at different stages of industry development, enabling stakeholders to remain well-informed about industry advancements and actively engage in discussions about the economy.
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Market Value : In 2022, the market for recommendation engines is anticipated to be worth US$10 billion. Over the forecast period, the recommendation engine market is anticipated to expand at a CAGR of 39.2%.
Recommendation Engine Market Regional Insights
The various sections dedicated to regional segmentation provide insights into the geographical facets of the global Recommendation Engine Market. Within this chapter, we delve into the regulatory framework that is poised to exert an influence on the market. It sheds light on the political landscape within the market and anticipates its effects on the Recommendation Engine market on a global scale. We also consider the presence and accessibility of global brands, examining the challenges they face in the face of intense competition from local and domestic brands. Additionally, we assess the impact of domestic tariffs and trade channels.
North America – (U.S., Canada, and Mexico)
Europe – (U.K., Germany, France, Spain, Italy, Sweden, CIS Countries, and Rest of Europe)
Asia Pacific – (China, India, Japan, South Korea, Australia, ASEAN, and Rest of APAC)
Middle East & Africa – (South Africa, GCC Countries, Nigeria, Egypt, and Rest of ME&A)
South America – (Brazil, Argentina, Colombia, and Rest of South America)
Recommendation Engine Market Segmentation:
The market is divided into three types: collaborative filtering, content-based filtering, and hybrid recommendation. Through the forecast period, the Hybrid Recommendation category is anticipated to expand at a CAGR of 6.3%. In comparison to pure collaborative and material methods, hybrid approaches can offer more accurate approximations. They also address problems that are typical to recommendation systems, such as cold start and data scarcity. Hybrid recommender systems use two or more recommendation techniques to improve performance. Collaborative purification is frequently used with another performance to overwhelm the ramp-up issue.
1. Recommendation Engine Market Size, by Type (2022-2029)
• Hybrid Recommendation
• Collaborative Filtering
• Content-Based Filtering
2. Others Recommendation Engine Market Size, by End-User (2022-2029)
• BFSI
• Healthcare
• Retail
• Transportation
• Media & Entertainment
3. Others Recommendation Engine Market Size, by Deployment Mode (2022-2029)
• On-Premises
• Cloud
4. Others Recommendation Engine Market Size, by Application (2022-2029)
• Proactive Asset Management
• Personalized Campaigns & Customer Discovery
• Strategy & Operation Planning
• Product Planning
The market is divided into BFSI, Healthcare, Retail, Transportation, and Media & Entertainment based on end users. In 2022, the Retail segment accounted for 42% of the market, which was the highest share. By using AI-powered recommendation engines, this market uses reference engines to gain advantages like increased revenue and client retention. The National Retail Federation predicts that despite threats from the current trade war, a volatile stock market, and the implications of the government shutdown, retail sales in the United States will increase by 3.7% to 4.6% in 2022 to reach more than $3.75 trillion. Given how extensively the retail industry uses recommendation engines, this growth will help the market for these tools to flourish.
Recommendation Engine Key players:
1.Salesforce
2.HPE
3.AWS
4.Oracle Corporation
5.Intel
6.Google
7.IBM
8.Microsoft
9.Sentient Technologies
10.SAP
11.Fuzzy.AI
12.Infinite Analytics
13.Adobe Inc.
14.Amazon Web Services, Inc.
15.Dynamic Yield, Inc.
16.Evergage Inc.
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Market Trends
Thanks to technology improvements, manufacturers may now access enormous amounts of geolocation data. The challenge is properly evaluating this data and combining it with local consumer knowledge to improve the effectiveness of marketing initiatives and provide manageable and relevant rewards for greater ROI.
Throughout the projection period, growth in the IT and telecom sector is anticipated. The high level of social media adoption, together with businesses in this end-use industry’s cumulative focus on making investments and undertaking initiatives to advance service and encourage customer retention, may hasten market growth.
The IT sector is deploying recommendation engines to create product recommendations increasingly using machine learning and artificial intelligence technology.
Table of Content: Recommendation Engine Market
Part 01: Executive Summary
Part 02: Scope of the Recommendation Engine Market Report
Part 03: Global Recommendation Engine Market Landscape
Part 04: Global Recommendation Engine Market Sizing
Part 05: Global Recommendation Engine Market Segmentation by Type
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Vendor Analysis
Key Offerings:
Market OverviewMarket ShareMarket SizeForecast by Revenue | 2023−2029Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key TrendsMarket Segmentation – A detailed analysis by segments, sub-segments and regionCompetitive Landscape – Top Key Vendors and Other Prominent Vendors
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