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Content Recommendation Engine Market Key Drivers, Size, Trends, Growth, Outlook 2024-2033
Content Recommendation Engine Market Key Drivers
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According to The Business Research Company's, The content recommendation engine market size has grown exponentially in recent years. It will grow from $5.95 billion in 2023 to $8.08 billion in 2024 at a compound annual growth rate (CAGR) of 35.7%. The growth in the historic period can be attributed to increasing volume of digital content, user engagement and retention, personalization trends, competition in streaming services.
The content recommendation engine market size is expected to see exponential growth in the next few years. It will grow to $28.19 billion in 2028 at a compound annual growth rate (CAGR) of 36.7%. The growth in the forecast period can be attributed to cross-platform integration, integration with voice and conversational interfaces, ai explainability and transparency, contextual recommendations, enhanced privacy measures, dynamic user profiles. Major trends in the forecast period include rise of personalization, data analytics and machine learning advances, integration with streaming platforms, cross-platform recommendations, context-aware recommendations.
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Market Drivers and Trends:
The rapid digitalization is expected to propel the growth of the content recommendation engine market. Digitalization is the use of various digital technologies and the increase in digital access to change a business model and value-producing opportunities to generate high revenue. For instance, in March 2023, according to the International Energy Agency (IEA), a France-based intergovernmental organization, in advanced economies, the level of digitalization, on average, increased by 6%. Notably, in sectors with greater digitalization, there was a substantial reduction of 20% in labor productivity losses when comparing the 75th percentile to the 25th percentile of digitalization levels. Content recommendation engines are widely used in many firms to optimize business operations and attract maximum customers, improve customer engagement and drive higher revenues. According to the article published by Barilliance Ltd., an Israel-based company that provides personalized solutions for e-commerce platforms and email marketing, in September 2021, approximately 31% of e-commerce revenue is generated from product recommendations. Therefore, rapid digitalization in businesses is driving the content recommendation engine market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
International Business Machines Corporation (IBM), Amazon Web Services Inc, RevContent, Taboola, Outbrain Inc, Cxense ASA, Dynamic Yield Ltd, Curata Inc., Adobe Systems Inc., Salesforce. com Inc., Kibo Commerce, BloomReach Inc., Certona Corporation, RichRelevance Inc., Reflektion Inc., Barilliance Inc., Strands Labs Inc., Qubit Digital Ltd., ThinkAnalytics Ltd., Episerver Inc., Uberflip, Acquia Inc., Sailthru Inc., Zeta Global, Monetate Inc., Emarsys eMarketing Systems AG, IgnitionOne Inc., Boxever Ltd., BlueConic Inc., Sitecore Corporation A/S
Content Recommendation Engine Market 2024 Key Insights:
• The content recommendation engine market size is expected to see exponential growth in the next few years. It will grow to $28.19 billion in 2028 at a compound annual growth rate (CAGR) of 36.7%.
• Fostering Growth In The Content Recommendation Engine Market Through Rapid Digitalization
• Rising Trend Of Product Innovation In The Content Recommendation Engine Market
• North America was the largest region in the content recommendation engine market in 2023
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