Dublin, Sept. 08, 2022 (GLOBE NEWSWIRE) -- The "North America Recommendation Engine Market By Type, By Application, By Deployment Type, By Organization Size, By End Use, By Country, Opportunity Analysis and Industry Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.
The North America Recommendation Engine Market is expected to witness market growth of 30.6% CAGR during the forecast period (2021-2027).
Collaborative filtering is one of the major kind of recommendation engine, which is the process of gathering and analyzing data on user behavior, activities, and preferences in order to forecast what a user will like based on their similarities to other users.
In addition, collaborative filtering uses a matrix-style method to plot and calculate these similarities. This type of recommendation engine has the advantage of not requiring the content to be analyzed or understood.
With the use of machine learning and artificial intelligence algorithms, the IT industry is gradually adopting recommendation engines to construct product recommendation chatbots. For example, Gnani.ai, provides a tailored suggestion chatbot based on the user's preferences and chat history. This attracts more buyers to the sales funnel's final stage.
Several consumers across this region prefer shopping based on recommendation since it takes less time for them to deep search the products they require. Along with that, the growing population of millennials and Gen Z is significantly supporting the recommendation engine's demand since they are highly preferring online platforms and sites that prefer suggestions and automatically play music or videos as per the last played track or video.
Regional Analysis
- The US market dominated the North America Recommendation Engine Market by Country 2020, and is expected to continue to be a dominant market till 2027; thereby, achieving a market value of $2,776.7 million by 2027.
- The Canada market is expected to witness a CAGR of 33.6% during (2021 - 2027).
- The Mexico market is expected to witness a CAGR of 32.4% during (2021 - 2027).
List of Companies Profiled in the Report:
- IBM Corporation
- Oracle Corporation
- Microsoft Corporation
- SAP SE
- Salesforce.com, Inc.
- Adobe, Inc.
- Google LLC
- Intel Corporation
- Hewlett-Packard Enterprise Company
- Amazon.com, Inc.
Scope of the Study
Type
- Collaborative Filtering
- Content-based Filtering and
- Hybrid Recommendation
Application
- Personalized Campaigns & Customer Delivery
- Product Planning & Proactive Asset Management
- Strategy Operations & Planning
Deployment Type
- Cloud and
- On-premise
Organization Size
- Large Enterprises and
- Small & Medium Enterprises
End Use
- Retail
- BFSI
- Healthcare
- Media & Entertainment
- Information Technology and
- Others
Country
- US
- Canada
- Mexico
- Rest of North America
For more information about this report visit https://www.researchandmarkets.com/r/pwyjd
