Latest News- Recommendation Engine Market: Media and entertainment is expected to lead the End-user segment during 2024-2028
The Recommendation Engine Market is being driven by Rise of digitalization
The Recommendation Engine Market is expected to grow at a CAGR of 39.91% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1664.54 million. A recommendation engine is an essential business tool that enables companies to deliver personalized product suggestions to users, enhancing the overall customer experience. By analyzing user interactions, these engines generate recommendations that significantly contribute to revenue growth and expanding customer bases. In today's digital age, e-commerce, retail, media, and entertainment industries, among others, are increasingly adopting personalized recommendation engines to optimize online platforms and cater to the evolving preferences of customers. For instance, Moss Bros Group Plc (Moss Bros), a prominent UK-based formalwear retailer, sought a solution to optimize its e-commerce website and offer targeted product recommendations on product detail pages. By implementing a personalized recommendation engine, Moss Bros could provide users with tailored suggestions, improving engagement and driving sales.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on End-user (Media and entertainment, Retail, Travel and tourism, Others) Type (Cloud, On-premises) Geography (North America, Europe, APAC, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Recommendation Engine Market Research Report
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In the dynamic Recommendation Engine Market, AI-driven technologies such as Collaborative Filtering and Machine Learning models are revolutionizing customer experience in Retail, SMEs, and IT segments. Cloud-based platforms and self-service tools are driving Digital Transformation, enabling product recommendations through data filtering technology. Machine learning automation solutions like Commeretools enhance Customer Delivery. Smart Technologies like Self-checkout kiosks and Internet Penetration further fuel market growth. Despite advancements, challenges like Incorrect Labeling persist.
The recommendation engine market is a significant segment of the global application software industry, according to Technavio's market research. This market is integral to the larger IT software sector, encompassing businesses specializing in the development and production of application software. The application software market itself caters to both enterprise and consumer markets, featuring specialized solutions for retail, SMEs, and the information technology sector. Collaborative filtering and content-based filtering are essential techniques employed in recommendation engines, which are particularly relevant in the cloud segment and the retail industry. The global IT software market comprises companies engaged in application and system software development, excluding those producing interactive home entertainment software or database management software.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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