Recommendation Engine Industry Overview
The global recommendation engine market size was valued at USD 1.77 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 33.0% from 2021 to 2028.
The increasing need to enhance customer experience is fueling the demand for recommendation engines. The growing adoption of digital technologies among organizations is also resulting in the increased demand for recommendation engine solutions. The COVID-19 pandemic affected several industries, leading to a notable change in how businesses operate and buyers shop. These changes are expected to endure beyond the pandemic as well, having a lasting impact on businesses and people. For instance, the e-commerce giant Amazon.com, Inc. made approximately USD 33 million an hour in sales in the first quarter of 2020.
Gather more insights about the market drivers, restrains and growth of the Global Recommendation Engine Market
Due to the rising fear of getting infected, people were compelled to make the shift from physical stores to online shopping. This shift is resulting in the growing demand for recommendation engines. According to Adobe Research 2021, approximately 34% of shoppers are expected to shop even more if they receive recommendations based on their past purchase history.
However, rising concerns about the safety of customer information could hamper the market growth. Despite this hindrance, the growing volume of quantitative and qualitative data and the emergence of deep learning technology are anticipated to bode well for the market in the forthcoming years.
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Recommendation Engine Market Segmentation
Grand View Research has segmented the global recommendation engine market based on type, deployment, application, organization, end-use, and region:
Recommendation Engine Type Outlook (Revenue, USD Million, 2016 - 2028)
- Collaborative Filtering
- Content-based Filtering
- Hybrid Recommendation
Recommendation Engine Deployment Outlook (Revenue, USD Million, 2016 - 2028)
- Cloud
- On-premise
Recommendation Engine Application Outlook (Revenue, USD Million, 2016 - 2028)
- Personalized Campaigns and Customer Delivery
- Strategy Operations and Planning
- Product Planning and Proactive Asset Management
Recommendation Engine Organization Outlook (Revenue, USD Million, 2016 - 2028)
- Large Organizations
- SMEs
Recommendation Engine End-use Outlook (Revenue, USD Million, 2016 - 2028)
- Information Technology
- Healthcare
- Retail
- BFSI
- Media Entertainment
- Others
Recommendation Engine Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa
Market Share Insights
- June 2019: Amazon.com, Inc. announced the availability of its machine learning service, Amazon Personalize. It is a service that enables users to make personalized as well as non-personalized recommendations for their applications, allowing them to curate recommendations without requiring any machine learning experience.
Key Companies profiled:
Some prominent players in the global recommendation engine include:
- Adobe
- Amazon Web Services, Inc.
- Google LLC
- Hewlett Packard Enterprise Development LP
- International Business Machines Corporation
- Intel Corporation
- Microsoft Corporation
- Oracle
- Salesforce.com, Inc.
- SAP SE
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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