October 11, 2021
As cited by the research report titled ‘Global Recommendation Engine Market Size study, by Product Type (Collaborative Filtering, Content-based Filtering, Hybrid Recommendation), by Deployment (On-premise, cloud), by Application (Personalized Campaigns and Customer Delivery, Strategy Operations and Planning, Product Planning and Proactive Asset Management), by organization (SMEs, large enterprises) By end use (Information Technology, Healthcare, Retail, BFSI, Media & Entertainment, Others) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global recommendation engine market was worth USD 1.77 billion in 2020 and is projected to grow with a strong CAGR of 33.0% to accumulate USD 13.03 billion over 2021-2027.
Increasing adoption of digital technologies among organizations, and growing need to enhance customer experience are the major factors driving global recommendation engine market growth. In addition, technological advancements in data analytics and burgeoning sales from e-commerce platforms are positively swaying the market dynamics.
Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/4219757/
For the record, a recommendation engine is a data filtering tool which makes use of machine learning algorithms to recommend relevant material to users.
As per the data provided by Statista, there has been a notable increase in spending on digital transformation technologies and services every year. In 2019, the expenditure stood at around USD 1.18 trillion, which rose to USD 1.31 trillion in 2020 and is likely to reach USD 2.3 trillion by 2023. Thus, increase in spending on digital transformation is serving as a catalyst for market development.
On the downside, increasing privacy concerns about customers personal information is likely to hinder market progression over the projected timeline.
The geographical analysis of worldwide recommendation engine industry includes major regions like North America, Asia Pacific, Europe, and Latin America. North America is likely to hold significant market share over the assessment period, owing to increasing adoption of advanced technologies and rising government support.
Meanwhile, Asia Pacific industry is poised to showcase lucrative growth over the estimated timeline 2021-2027, on account of rising penetration of e-commerce, increasing online shopping transactions, and growing number of Over the Top (OTT) in the region.
Prominent players influencing global recommendation engine industry dynamics are SAP SE, Intel Corporation, Oracle Corporation, Hewlett Packard Enterprise Company, Sentient Technologies, Salesforce.com Inc., Microsoft Corporation, Amazon Web Services Inc., Google LLC, and International Business Machines (IBM) Corporation.