According to the latest report by IMARC Group, titled “Recommendation Engine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027. The global recommendation engine market reached a value of US$ 2.7 Billion in 2021. A recommendation engine is a software that uses machine learning (ML) algorithms to recommend products or pertinent information to customers based on data analysis. It works by finding changes in consumer behavior and collecting them to analyze and recommend products or services. Apart from this, these services are widely utilized by numerous enterprises for web content recommendation. Since their deployment aids sellers in significantly boosting their sales, these services are gaining widespread prominence among the masses across multiple industrial verticals.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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The global market is primarily driven by rapid digitization across numerous industries. Moreover, the increasing preference for hybrid recommendation engines is creating a positive outlook for the market. For instance, Netflix, Inc., an American over-the-top (OTT) media service and original programming production company, uses a hybrid recommendation engine to gather insights regarding their viewers’ preferences and recommends related content for improved customer experience. Additionally, continual technological advancements in the market and significant expansion in the e-commerce sector are also acting as major growth-inducing factors Looking forward, IMARC Group expects the market to reach US$ 16.3 Billion by 2027, exhibiting a CAGR of 35.61% during 2022-2027.
Competitive Landscape:
- 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:
Breakup by Type:- Collaborative Filtering
- Content-based Filtering
- Hybrid Recommendation Systems
- Others
- Context Aware
- Geospatial Aware
- On-premises
- Cloud-based
- Strategy and Operations Planning
- Product Planning and Proactive Asset Management
- Personalized Campaigns and Customer Discovery
- IT and Telecommunication
- BFSI
- Retail
- Media and Entertainment
- Healthcare
- Others
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
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