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Artificial Intelligence (AI) Based Personalization Market Size, Growth Analysis, Share, Key Trends And Forecast To 2033
Artificial Intelligence (AI) Based Personalization Market Size
According to The Business Research Company's, The artificial intelligence (AI) based personalization market size has grown strongly in recent years. It will grow from $472.15 billion in 2023 to $498.22 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to Increasing Data Availability, Rise in E-Commerce, Growing Digitalization, Improved User Engagement, and Cross-Industry Adoption.
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Market Drivers and Trends:
The increasing inclination towards artificial intelligence by businesses is expected to propel the growth of the artificial intelligence (AI)-based personalization market going forward. Artificial intelligence refers to the development and implementation of computer systems that can perform tasks that typically require human intelligence. The combination of advanced algorithms, real-time capabilities, and a holistic understanding of customer journeys positions AI-driven personalization as a prominent strategy for businesses aiming to provide tailored and engaging experiences to their audience. For instance, in May 2022, according to the International Business Machines Corporation (IBM), a US-based technology company, around 35% of businesses worldwide used artificial intelligence (AI) in 2022, which is an increase of 4% from 2021. In addition, there was a 13% increase in organizations adopting artificial intelligence (AI) in 2022 compared to 2021. Therefore, the increasing inclination towards artificial intelligence use by businesses will drive the growth of the artificial intelligence (AI)-based personalization market.
Major companies operating in the artificial intelligence (AI)-based personalization market are developing advanced technologies, such as personalized cold email tools, to better serve customers. The personalized cold email tool is an AI-powered tool designed to enable sales teams to scale hyper-personalized cold email outreach and leverages generative AI to automatically generate personalized content for email recipients. For instance, in April 2023, Regie.ai, a US-based software company, introduced Rapid Writer, a tool specifically crafted to assist sales teams in efficiently implementing highly personalized cold email outreach at scale. This innovative tool utilizes generative AI technology to automate the process of generating personalized content for email recipients, enhancing the effectiveness of communication strategies for sales teams.
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Major Key Players of the Market:
Amazon.com Inc., Apple Inc., Alphabet Inc. (Google), Microsoft Corp., Meta Platforms Inc., International Business Machines Corp. (IBM), Oracle Corporation, SAP SE, Salesforce.com Inc., McDonald Corp., Adobe Systems Inc., Twilio, Verint Systems Inc., Bounteous Inc., BloomReach Inc., Sitecore Holding II AS, RichRelevance, Coveo, Crownpeak Technology Inc., Dynamic Yield Ltd., Blueshift Labs Inc., Reflektion, mParticle Inc., ViSenze Pte. Ltd., H2O.ai Inc., Infinite Analytics Inc
Artificial Intelligence (AI) Based Personalization Market 2024 Key Insights:
• The artificial intelligence (ai) based personalization market is expected to grow to $607.63 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.
• Rapid Adoption of Artificial Intelligence in Business Drives Growth Of The AI-Based Personalization Market
• AI-Powered Personalized Cold Email Tools Transforming Customer Engagement
• North America was the largest region in the artificial intelligence (Ai) based personalization market in 2023
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