Dublin, Jan. 28, 2022 (GLOBE NEWSWIRE) -- The "Global Recommendation Engine Market Size, Share & Trends Analysis Report by Type (Collaborative Filtering, Hybrid Recommendation), by Deployment, by Application, by Organization, by End-use, by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global recommendation engine market size is expected to reach USD 17.30 billion by 2028. The market is expected to expand at a CAGR of 33.0% from 2021 to 2028. The growing adoption of digital technologies among organizations is one of the key factors driving the market. In addition, the rising competition among organizations and the need to provide a better customer experience are increasing the demand for recommendation systems.
The COVID-19 pandemic compelled governments across various countries to take immediate actions and impose partial or full lockdowns. This impacted various industries in numerous ways. Social distancing rules and traveling restrictions shifted people away from physical shops for buying essentials to the digital medium, which resulted in the increased demand for online shopping platforms. Hence, the pandemic created a lucrative opportunity for the market.
A recommendation engine, a type of data filtering tool, uses Machine Learning (ML)-based processes to suggest relevant and specific items to customers. It typically comprises two types of systems, namely a personalized recommendation system and a non-personalized recommendation system. The tool gathers consumer behavior data to find patterns in it, based on which it offers numerous recommendations to users.
The market has also benefitted from the growth in digitization trends across numerous industries, especially retail, e-commerce, and media and entertainment. For instance, according to a survey by Episerver, approximately 44% of the U.S. population shops using Amazon.com, Inc.'s recommendations.
Recommendation engine system providers are investing in research & development activities to introduce innovations in the market and offer a better experience to users. Additionally, the growing competition is driving innovations in the market.
Recommendation Engine Market Report Highlights
- In terms of application, the personalized campaigns and customer delivery segment accounted for the largest revenue share in 2020 and is expected to retain its lead over the forecast period. This can be attributed to the rising need to provide better customer experience and services to customers. The product planning and proactive asset management segment is anticipated to expand at the highest CAGR of 35.1% during the forecast period
- By end use, the retail segment accounted for the largest revenue share in 2020 and is expected to dominate the market throughout the forecast period. The BFSI segment is likely to expand at the highest CAGR over the forecast period
- North America dominated the market in 2020 and is expected to retain its lead over the forecast period. This can be attributed to factors such as growing technological advancements, a high rate of adoption, and the existence of a large number of market players in the region
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends & Scope
3.1 Market Lineage Outlook
3.1.1 Parent market outlook
3.2 Penetration & Growth Prospect Mapping
3.3 Market Dynamics
3.3.1 Market driver analysis
3.3.1.1 Growing adoption of digital technologies among organizations
3.3.1.2 Increase in need to enhance customer experience
3.3.2 Market restraint/challenges analysis
3.3.2.1 Increase in concerns over the customers' personal information
3.3.3 Market opportunity analysis
3.3.3.1 Advancements in data analytics
3.4 Porter's Five Forces Analysis
3.5 PEST Analysis
3.6 COVID-19 Impact on Recommendation Engine Market
Chapter 4. Recommendation Engine Market: Type Estimates & Trend Analysis
4.1 Market Size Estimates & Forecasts and Trend Analysis, 2016 - 2028 (USD Million)
4.2 Type Movement Analysis & Market Share, 2020 & 2028
4.3 Collaborative Filtering
4.3.1 Market size estimates and forecasts, 2016 - 2028 (USD Million)
4.4 Content-based Filtering
4.4.1 Market size estimates and forecasts, 2016 - 2028 (USD Million)
4.5 Hybrid Recommendation
4.5.1 Market size estimates and forecasts, 2016 - 2028 (USD Million)
Chapter 5. Recommendation Engine Market: Deployment Estimates & Trend Analysis
5.1 Market Size Estimates & Forecasts and Trend Analysis, 2016 - 2028 (USD Million)
5.2 Deployment Movement Analysis & Market Share, 2020 & 2028
5.3 On-premise
5.3.1 Market size estimates and forecasts, 2016 - 2028 (USD Million)
5.4 Cloud
5.4.1 Market size estimates and forecasts, 2016 - 2028 (USD Million)
Chapter 6. Recommendation Engine Market: Application Estimates and Trend Analysis
6.1 Market Size Estimates & Forecasts and Trend Analysis, 2016 - 2028 (USD Million)
6.2 Application Movement Analysis & Market Share, 2020 & 2028
6.3 Personalized Campaigns and Customer Delivery
6.3.1 Market size estimates and forecasts, 2016 - 2028 (USD Million)
6.4 Strategy Operations and Planning
6.4.1 Market size estimates and forecasts, 2016 - 2028 (USD Million)
6.5 Product Planning and Proactive Asset Management
6.5.1 Market size estimates and forecasts, 2016 - 2028 (USD Million)
Chapter 7. Recommendation Engine Market: Organization Estimates and Trend Analysis
7.1 Market Size Estimates & Forecasts and Trend Analysis, 2016 - 2028 (USD Million)
7.2 Organization Movement Analysis & Market Share, 2020 & 2028
7.3 SMEs
7.3.1 Market size estimates and forecasts, 2016 - 2028 (USD Million)
7.4 Large Enterprises
7.4.1 Market size estimates and forecasts, 2016 - 2028 (USD Million)
Chapter 8. Recommendation Engine Market: End-use Estimates and Trend Analysis
8.1 Market Size Estimates & Forecasts and Trend Analysis, 2016 - 2028 (USD Million)
8.2 End-use Movement Analysis & Market Share, 2020 & 2028
8.3 Information Technology
8.3.1 Market size estimates and forecasts, 2016 - 2028 (USD Million)
8.4 Healthcare
8.4.1 Market size estimates and forecasts, 2016 - 2028 (USD Million)
8.5 Retail
8.5.1 Market size estimates and forecasts, 2016 - 2028 (USD Million)
8.6 BFSI
8.6.1 Market size estimates and forecasts, 2016 - 2028 (USD Million)
8.7 Media & Entertainment
8.7.1 Market size estimates and forecasts, 2016 - 2028 (USD Million)
8.8 Others
8.8.1 Market size estimates and forecasts, 2016 - 2028 (USD Million)
Chapter 9. Recommendation Engine Market: Regional Estimates & Trend Analysis
Chapter 10. Competitive Analysis
10.1 Key Competitor Ranking Analysis, 2020
10.2 Recent Developments & Impact Analysis, by Key Market Participants
Chapter 11. Competitive Landscape
11.1 Adobe
11.1.1 Company overview
11.1.2 Financial performance
11.1.3 Product benchmarking
11.1.4 Recent developments
11.2 Amazon Web Services, Inc.
11.2.1 Company overview
11.2.2 Financial performance
11.2.3 Product benchmarking
11.2.4 Recent developments
11.3 Google LLC
11.3.1 Company overview
11.3.2 Financial performance
11.3.3 Product benchmarking
11.3.4 Recent developments
11.4 Hewlett Packard Enterprise Development LP
11.4.1 Company overview
11.4.2 Financial performance
11.4.3 Product benchmarking
11.4.4 Recent developments
11.5 International Business Machines Corporation
11.5.1 Company overview
11.5.2 Financial performance
11.5.3 Product benchmarking
11.5.4 Recent developments
11.6 Intel Corporation
11.6.1 Company overview
11.6.2 Financial performance
11.6.3 Product benchmarking
11.6.4 Recent developments
11.7 Microsoft Corporation
11.7.1 Company overview
11.7.2 Financial performance
11.7.3 Product benchmarking
11.7.4 Recent developments
11.8 Oracle
11.8.1 Company overview
11.8.2 Financial performance
11.8.3 Product benchmarking
11.8.4 Recent developments
11.9 Salesforce.com, Inc.
11.9.1 Company overview
11.9.2 Financial performance
11.9.3 Product benchmarking
11.9.4 Recent developments
11.10 SAP
11.10.1 Company overview
11.10.2 Financial performance
11.10.3 Product benchmarking
11.10.4 Recent developments
For more information about this report visit https://www.researchandmarkets.com/r/wpnzo2
