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AI-Based Recommendation System Market Report 2024 - Market Share Analysis And Trends
AI-Based Recommendation System Global Market Report 2024
According to The Business Research Company's, 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 growth in the historic period can be attributed to increasing demand for personalized recommendations, increasing data availability, demand for efficient workforce management, growth in e-commerce, demand for cross-selling and upselling, application in education and e-learning.
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%. The growth in the forecast period can be attributed to rising adoption of streaming services, expansion of recommendation systems in healthcare, compliance and regulatory requirements, expansion of digital advertising, optimization of content delivery networks (CDNS) . Major trends in the forecast period include personalization dominance, real-time recommendations, adaptive learning models, multi-modal recommendations, enhanced user feedback mechanisms, social influence analysis.
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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
AI-Based Recommendation System Market 2024 Key Insights:
• 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%.
• The Intersection Of Digital Advertising And AI-Powered Recommendation Systems
• Innovations In Recommender System Support Transforming AI Technology
• North America was the largest region in the AI-based recommendation system market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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