The global recommendation engine market is driven by factors such as rise in adoption of digital technologies, increase in focus enhance customer experience, and increase in use of the deep learning technology in AI recommendation engine solution. However, lack of skills expertise and concerns over accessing customers' personal data hamper the recommendation engine market growth. On the contrary, increase in demand to analyze large volume of data is expected to offer remunerative opportunities for expansion of the recommendation engine market during the forecast period.
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Recommendation engines are also called as recommenders are win to win features for both customers and the businesses that deploy them. Customers enjoy the level of personalization and assistance a well-tuned recommendation engine provides. Moreover, businesses build them because they fuel engagement and encourage sales. Furthermore, recommendation engines are advanced data filtering systems that use behavioral data, computer learning, and statistical modeling to predict the content, product, or services customers will like
By type, the collaborative filtering segment accounted for the highest share in 2021, garnering more than two-fifths of the global recommendation engine market revenue and is expected to maintain its lead in terms of revenue during the forecast period, owing to increase in demand for reliable recommendation engines from e-commerce platforms to enhance their customers' shopping experience by suggesting products based on their tastes and preferences. However, the hybrid recommendation segment would cite the fastest CAGR of 33.8 from 2022 to 2031, owing to surge in usage of hybrid systems to improve the effectiveness of end-user solutions.
Key Market Players:
Microsoft Corporation, Oracle Corporation, Hewlett Packard Enterprise Development LP, Google LLC, Salesforce, Inc., SAP SE, Adobe, Intel Corporation, Amazon Web Services, IBM Corporation
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Depending on enterprise size, the large enterprise segment holds the largest recommendation engine market share as large enterprises are adopting recommendation engine to make better decisions, efficiently manage their business portfolio, and gain a competitive edge in the global market. However, the SMEs segment is expected to grow at the highest rate during the forecast period, owing to increase need to find alternative solutions for saving marketing and advertising costs due to limited budgets is also boosting the demand for recommendation engines among small and medium organizations.
By region, North America generated nearly two-fifths of the global recommendation engine market revenue in 2021, and is expected to dominate by 2031. The growth of the market across North America is driven by various factors such as the increase in adoption of advanced technologies and increase in government support for emerging technologies in the region. However, Asia-Pacific would showcase the fastest CAGR of 34.6% from 2022 to 2031. The marker growth across Asia-Pacific is driven by increase in penetration of e-commerce, an upsurge in online shopping transactions, and an upsurge in the number of Over the Top (OTT) service providers.
