WILMINGTON, NEW CASTLE, DE, UNITED STATES, October 17, 2024 /EINPresswire.com/ -- Allied Market Research published a report, titled, "Recommendation Engine Market by Type (Collaborative Filtering, Content-based Filtering and Hybrid Recommendation), by Deployment Model (On-Premises and Cloud), by Enterprise Size (Large Enterprises and Small & Medium Enterprises), by Application (Product Planning, Strategy & Operations Planning, Proactive Asset Management and Others) by Industry Vertical (BFSI, Media & Entertainment, Transportation, Healthcare, Retail and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global recommendation engine industry size generated $2.7 billion in 2021, and is anticipated to generate $43.8 billion by 2031, witnessing a CAGR of 32.1% from 2022 to 2031.

🔰 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/A14635

Recommendation engines are also called as recommenders are win to win features for both customers and the businesses that deploy them. Customers enjoy the level of personalization and assistance a well-tuned recommendation engine provides. Moreover, businesses build them because they fuel engagement and encourage sales. Furthermore, recommendation engines are advanced data filtering systems that use behavioral data, computer learning, and statistical modeling to predict the content, product, or services customers will like

Furthermore, growing adoption of digital technologies and increase in focus enhance customer experience is boosting the growth of the global recommendation engine market. In addition, increase in use of the deep learning technology in AI recommendation engine solution is positively impacting growth of the recommendation engine market. However, lack of skills and expertise and concerns over accessing customers personal data is hampering the recommendation engine market growth. On the contrary, increase in demand to analyze large volume of data is expected to offer remunerative opportunities for expansion during the recommendation engine market forecast.

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘

By type, the collaborative filtering segment accounted for the largest recommendation engine market share in 2021.

Region wise, North America generated highest revenue in 2021.

Depending on end user, the retail and consumer goods segment generated the highest revenue in 2021.

𝐓𝐡𝐞 𝐜𝐨𝐥𝐥𝐚𝐛𝐨𝐫𝐚𝐭𝐢𝐯𝐞 𝐟𝐢𝐥𝐭𝐞𝐫𝐢𝐧𝐠 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐫𝐞𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞 𝐛𝐲 𝟐𝟎𝟑𝟏-

𝐁𝐲 𝐭𝐲𝐩𝐞, the collaborative filtering segment accounted for the highest share in 2021, garnering more than two-fifths of the global recommendation engine market revenue and is expected to maintain its lead in terms of revenue during the forecast period, owing to increase in demand for reliable recommendation engines from e-commerce platforms to enhance their customers' shopping experience by suggesting products based on their tastes and preferences. However, the hybrid recommendation segment would cite the fastest CAGR of 33.8 from 2022 to 2031, owing to surge in usage of hybrid systems to improve the effectiveness of end-user solutions.

🔰 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/recommendation-engine-market/purchase-options

𝐓𝐡𝐞 𝐫𝐞𝐭𝐚𝐢𝐥 𝐚𝐧𝐝 𝐜𝐨𝐧𝐬𝐮𝐦𝐞𝐫 𝐠𝐨𝐨𝐝𝐬 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐫𝐮𝐥𝐞 𝐭𝐡𝐞 𝐫𝐨𝐨𝐬𝐭-

By industry vertical, the retail and consumer goods segment held the major share in 2021, generating more than one-fourth of the global recommendation engine market revenue and is expected to maintain its lead in terms of revenue during the forecast period, as it is used to identify customer behavior patterns in order to improve customer service and marketing strategies. The BFSI segment, on the other hand, would portray the fastest CAGR of 35.3% from 2022 to 2031, owing to increase in technological innovations and the need to secure online consumer data and activities.

𝐓𝐡𝐞 𝐩𝐞𝐫𝐬𝐨𝐧𝐚𝐥𝐢𝐳𝐞𝐝 𝐜𝐚𝐦𝐩𝐚𝐢𝐠𝐧𝐬 𝐚𝐧𝐝 𝐜𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐝𝐞𝐥𝐢𝐯𝐞𝐫𝐲 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐝𝐨𝐦𝐢𝐧𝐚𝐭𝐞 𝐛𝐲 𝟐𝟎𝟑𝟏–

By application, the personalized campaigns and customer delivery segment accounted for more than two-fifths of the global recommendation engine market revenue in 2021 and is expected to maintain its lead in terms of revenue during the forecast period. The product planning and proactive asset management segment would also portray the fastest CAGR of 34.6% from 2022 to 2031, as it provides more accurate recommendations to users, which has led to an increase in their adoption this can help a business to identify areas of improvement, develop better strategies and operational plans, and better target customers.

𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚 𝐠𝐚𝐫𝐧𝐞𝐫𝐞𝐝 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐬𝐡𝐚𝐫𝐞 𝐢𝐧 𝟐𝟎𝟐𝟏 –

By region, North America generated nearly two-fifths of the global recommendation engine market revenue in 2021, and is expected to dominate by 2031. The growth of the market across North America is driven by various factors such as the increase in adoption of advanced technologies and increase in government support for emerging technologies in the region. However, Asia-Pacific would showcase the fastest CAGR of 34.6% from 2022 to 2031. The marker growth across Asia-Pacific is driven by increase in penetration of e-commerce, an upsurge in online shopping transactions, and an upsurge in the number of Over the Top (OTT) service providers.

🔰 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/A14635

𝐊𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲-

Adobe
Amazon Web Services
Google LLC
Hewlett Packard Enterprise Development LP
IBM Corporation
Intel Corporation
Microsoft Corporation
Oracle Corporation
Salesforce Inc
SAP SE

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Allied Market Research
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