SAN FRANCISCO, Sept. 16, 2021 /PRNewswire/ -- 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.
Key Insights & Findings:
- 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
Read 100 page market research report, "Recommendation Engine Market Size, Share & Trends Analysis Report By Type (Collaborative Filtering, Hybrid Recommendation), By Deployment, By Application, By Organization, By End-use, By Region, And Segment Forecasts, 2021 - 2028," by Grand View Research
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.
Grand View Research has segmented the global recommendation engine market based on type, deployment, application, organization, end-use, and region:
- Recommendation Engine Type Outlook (Revenue, USD Million, 2016 - 2028)
- Collaborative Filtering
- Content-based Filtering
- Hybrid Recommendation
- Recommendation Engine Deployment Outlook (Revenue, USD Million, 2016 - 2028)
- Recommendation Engine Application Outlook (Revenue, USD Million, 2016 - 2028)
- Personalized Campaigns and Customer Delivery
- Strategy Operations and Planning
- Product Planning and Proactive Asset Management
- Recommendation Engine Organization Outlook (Revenue, USD Million, 2016 - 2028)
- Large Organizations
- Recommendation Engine End-use Outlook (Revenue, USD Million, 2016 - 2028)
- Information Technology
- Media & Entertainment
- Recommendation Engine Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of Key Players of Recommendation Engine Market
- Amazon Web Services, Inc.
- Google LLC
- Hewlett Packard Enterprise Development LP
- International Business Machines Corporation
- Intel Corporation
- Microsoft Corporation
- Salesforce.com, Inc.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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