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AI-Based Recommendation System Market: In-Depth Market Research, Emerging Trends, and Future Growth Potential
AI-Based Recommendation System Market
As per the report, the AI-based recommendation system market size has grown rapidly in recent years. It will grow from $2.01 billion in 2023 to $2.21 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The AI-based recommendation system market size is expected to see rapid growth in the next few years. It will grow to $3.28 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%.
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The Intersection Of Digital Advertising And AI-Powered Recommendation Systems
The expansion of digital advertising is expected to propel the growth of the AI-based recommendation system market going forward. Digital advertising refers to marketing through online channels, such as websites, streaming content, and more. Digital ads span media formats, including text, image, audio, and video. The expansion of digital advertising arises due to audience reach, targeting capabilities, measurable results, cost-effectiveness, and personalization. AI-based recommendation systems are used in digital advertising to enhance targeting, personalization, and overall campaign effectiveness while driving user engagement and conversion. For instance, according to Oracle Corporation, a US-based computer software company, digital advertising spending worldwide is estimated to rise from $378 billion in 2020 to $646 billion by 2024. Therefore, the expansion of digital advertising is driving the growth of the AI-based recommendation system market.
Innovations In Recommender System Support Transforming AI Technology
Major companies operating in the AI-based recommendation system markets are developing innovative technologies, such as recommender system support, to enhance the efficiency and effectiveness of recommendation engines. These systems are algorithms or software tools that analyze user data and preferences to generate personalized recommendations for products, services, content, or other items of interest. For instance, in January 2024, Arthur, a US-based AI performance platform, launched the recommender system support for AI-driven recommendation engines, providing a significant advancement in AI technology. This new technology aims to revolutionize how online businesses utilize recommender systems, driving customer satisfaction levels and increasing revenue growth. It also enhances the capabilities of recommendation engines by leveraging AI to provide more accurate and tailored recommendations. Additionally, it has features such as the model overview page, metrics dashboard, data drift monitoring, advanced querying, and filtering the overall user experience on their platforms through personalized recommendations.
The AI-based recommendation system market covered in this report is segmented -
1) By Type: Collaborative Filtering, Content Based Filtering, Hybrid Recommendation
2) By Deployment Mode: On-Premise, Cloud
3) By Application : E-Commerce Platform, Online Education, Social Networking, Finance, News And Media, Health Care, Other Applications
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Major companies operating in the AI-based recommendation system market are Alphabet Inc, Microsoft Corporation, Alibaba Group Holding Limited (Alibaba), Meta Platforms Inc., Amazon Web Services , Huawei Technologies Co. Ltd, Tencent Holdings Limited , Intel Corporation, International Business Machines Corporation, Oracle Corp, SAP SE, Netflix, Hewlett Packard Enterprise (HPE), Salesforce Inc, Adobe Inc., Sentient Technologies, RecomTech, Kibo Commerce, SmartRecs, AIRecom, IntelliChoice, Unbxd Inc., Coveo Solutions Inc., Algonomy Software Pvt. Ltd., Recolize GmbH, Dynamic Yield Inc., IntelliSuggest, RecomAId, SuggestAI, AIAdvise
Contents of the report:
1. Executive Summary
2. AI-Based Recommendation System Market Report Structure
3. AI-Based Recommendation System Market Trends And Strategies
4. AI-Based Recommendation System Market - Macro Economic Scenario
5. AI-Based Recommendation System Market Size And Growth
…..
27. AI-Based Recommendation System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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