The global Recommendation Engine Market size is expected to
reach USD 17.30 billion by 2028, according to a new report by Grand View
Research, Inc. The market is expected to expand at a CAGR of 33.0% from 2021 to
2028. The growing adoption of digital technologies among organizations is one
of the key factors driving the market. In addition, the rising competition
among organizations and the need to provide a better customer experience are
increasing the demand for recommendation systems.
The COVID-19 pandemic compelled governments across
various countries to take immediate actions and impose partial or full
lockdowns. This impacted various industries in numerous ways. Social distancing
rules and traveling restrictions shifted people away from physical shops for
buying essentials to the digital medium, which resulted in the increased demand
for online shopping platforms. Hence, the pandemic created a lucrative
opportunity for the market.
A recommendation engine, a type of data filtering
tool, uses Machine Learning (ML)-based processes to suggest relevant and
specific items to customers. It typically comprises two types of systems,
namely a personalized recommendation system and a non-personalized
recommendation system. The tool gathers consumer behavior data to find patterns
in it, based on which it offers numerous recommendations to users.
The market has also benefitted from the growth in
digitization trends across numerous industries, especially retail, e-commerce,
and media and entertainment. For instance, according to a survey by Episerver,
approximately 44% of the U.S. population shops using Amazon.com, Inc.’s
recommendations.
Recommendation engine system providers are investing
in research & development activities to introduce innovations in the market
and offer a better experience to users. Additionally, the growing competition
is driving innovations in the market.
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Recommendation Engine Market
Report Highlights
- In terms of application, the personalized campaigns and customer
delivery segment accounted for the largest revenue share in 2020 and is
expected to retain its lead over the forecast period. This can be
attributed to the rising need to provide better customer experience and
services to customers. The product planning and proactive asset management
segment is anticipated to expand at the highest CAGR of 35.1% during the
forecast period
- By end use, the retail segment accounted for the largest revenue
share in 2020 and is expected to dominate the market throughout the
forecast period. The BFSI segment is likely to expand at the highest CAGR
over the forecast period
- North America dominated the market in 2020 and is expected to
retain its lead over the forecast period. This can be attributed to
factors such as growing technological advancements, a high rate of
adoption, and the existence of a large number of market players in the
region
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring relevant
and fact-based research across a range of industries including technology,
chemicals, materials, healthcare and energy.
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