The global recommendation engine market is estimated to grow at a significant CAGR during the forecast period. The recommendation engine is a data filtering tool that uses machine learning algorithms to recommend the most relevant items to a user or customer. It functions on the principle of finding patterns in consumer behaviour data that can be obtained implicitly or explicitly. For instance, Netflix uses a recommendation engine to offer viewers with movie and show suggestions. On the other hand, Amazon uses a recommendation engine to present customers with product recommendations. Though each uses one for slightly different purposes, both have the same goal to drive sales, boost engagement and retention, and deliver more personalized customer experiences.
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Many firms are attempting to integrate technology such as artificial intelligence (AI) with their apps, businesses, analytics, and services as the number of businesses grow and competition grows. The majority of firms globally are pursuing digital transformation, concentrating on improving customer and employee experiences through automation technologies. Furthermore, for the telecom industry to gain a solid presence in the recommendation engine market, manufacturers are releasing innovative solutions. Envestnet Inc., for inctance, announced the release of a new edition of their recommendation engine for enterprise companies in January 2021.
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Furthermore, in May 2021, IBM Watson Advertising Accelerator for OTT and video has been expanded, allowing marketers to go beyond contextual relevance alone. Accelerator promises to use AI to dynamically adjust OTT ad creative for better campaign outcomes at scale, without relying on traditional advertising IDs. While Accelerator is compatible with numerous streaming systems, IBM is collaborating closely with Xandr, a market leader in programmatic and convergent video solutions, to assist scale its usage.
Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segment Covered-
o By Deployment Mode
o By Type
- Competitive Landscape: IBM Corporation, Google LLC (Alphabet Inc.), Amazon Web Services Inc., Microsoft Corporation, Salesforce.com Inc among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Recommendation Engine Market by Segments,
By Deployment Mode
- On-Premise
- Cloud
By Types
- Collaborative Filtering
- Content-Based Filtering
- Hybrid Recommendation Systems
- Other Types
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