Recommendation Engine Market Worth US$ 22.2 Billion Till 2028 - Exclusive Report by IMARC Group

According to the latest report by IMARC Group, titled "Recommendation Engine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028. the global recommendation engine market size reached US$ 3.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 22.2 Billion by 2028, exhibiting a growth rate (CAGR) of 36.63% during 2023-2028.

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How Big is the Recommendation Engine Market?

A recommendation engine represents a data filtering tool that enables marketers to provide relevant product recommendations to customers in real-time. It is generally leveraged with data analysis techniques and advanced algorithms, such as Machine Learning (ML) and Artificial Intelligence (AI), which can suggest relevant catalogs to an individual. In line with this, a recommendation engine can show products on apps, websites, and emails based on customer preferences, past browser history, attributes, situational context, etc. Presently, it is widely utilized in business-to-consumer (B2C) e-commerce fields, such as entertainment and education, which require a personalization strategy.

Recommendation Engine Market Trends:

The widespread adoption of online retail platforms, on account of the sudden outbreak of the COVID-19 pandemic and the implementation of stringent lockdown regulations by government bodies across countries, is primarily driving the recommendation engine market. Additionally, the expanding e-commerce industry, owing to the growing penetration of high-speed internet connection, the rising reliance on smartphones, and the emerging social media trend, is further catalyzing the market growth.

Besides this, the inflating need for convenience, immediacy, and simplicity during shopping and the increasing utilization of the omnichannel approach that focuses on providing a seamless customer experience are acting as significant growth-inducing factors. Moreover, the escalating demand for recommendation engines to manage large volumes of data and engage users actively is also positively influencing the global market. Apart from this, it is gaining extensive traction in small and medium-sized enterprises (SMEs) to enable them to bolster overall sales by cross-selling new products to existing consumers and maximize average order value, which is expected to fuel the recommendation engine market over the forecasted period.

Leading Companies Operating in the Global Recommendation Engine Industry:

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:

The report has segmented the recommendation engine market on the basis of type, technology, deployment mode, application, end user and region.

Based On Type:

Collaborative Filtering
Content-based Filtering
Hybrid Recommendation Systems
Others

Based On Technology:

Context Aware
Geospatial Aware

Based On Deployment Mode:

On-premises
Cloud-based

Based On Application:

Strategy and Operations Planning
Product Planning and Proactive Asset Management
Personalized Campaigns and Customer Discovery

Based On End User:

IT and Telecommunication
BFSI
Retail
Media and Entertainment
Healthcare
Others

Based On Region:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

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