Global Recommendation Engine Market Report 2021-2027 – Rising Focus on Enhancing Customer Satisfaction – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Recommendation Engine Market By Type, By Application, By Deployment Type, By Organization Size, By End Use, By Regional Outlook, Industry Analysis Report and Forecast, 2021-2027” report has been added to ResearchAndMarkets.com’s offering.
The Global Recommendation Engine Market size is expected to reach $11.4 billion by 2027, rising at a market growth of 32.5% CAGR during the forecast period.
Recommendation engines are data filtering technologies that use a variety of algorithms and data to suggest the most relevant results to a certain client. It begins by capturing a customer’s prior behavior and then offers products that the customers are likely to purchase based on that information.
The integrated software system evaluates the available data to provide recommendations for things (products/services) that a website user might be interested in, among other things. E-commerce, social media, and content-based websites all use recommendation engines systems.
Many firms are attempting to integrate technology such as artificial intelligence (AI) with their apps, businesses, analytics, and services due to the growing competition in their respective markets. The majority of companies across the world are pursuing digital transformation, concentrating on improving customer and employee experiences through automation technologies.
Retailers may use digital transformation to connect with new customers, better engage with existing customers, save operating costs, and increase employee motivation. Along with that, the rising digitalization and high adoption of smart devices by the consumers is expected to fuel the demand and growth of the recommendation engine market over the forecast period.
Market Growth Factors:
Rising focus on enhancing customer satisfaction
The increased focus on improving customer experience in the digital space is a primary factor driving the demand for recommendation engines by the companies. Furthermore, it is critical to improve customer experience in order to increase customer engagement and retention, as well as to boost revenue and return on investment (RoI). Upselling and cross-selling opportunities arise naturally as a result of smart product suggestions made by using recommendation engine.
Rapid pace of digitalization
Online buying has increased as a result of the rise in digitization across the world and the emergence of new e-commerce platforms. These recommendation engines enable easy browsing and display products or information based on the customer’s past search. Furthermore, mobile phone ownership is highly contributing to e-commerce growth and encouraging e-commerce companies to use recommendation engines.
Marketing Restraining Factor:
Security and privacy concerns
Consumers can obtain more credible feedback if a recommendation engine generates more personal data. The recommender may acquire information such as the user’s identification, demographic profile, behavioural data and purchase history, ranking history, and more.
These details could be particularly sensitive in terms of privacy. Providing this information to the companies can increase the risks of privacy and security breaches. The data could be sold to a third party without the client’s authorization, or it could be hacked by the attackers.
Scope of the Study
Key Market Players
- IBM Corporation
- Oracle Corporation
- Microsoft Corporation
- SAP SE
- Salesforce.com, Inc.
- Adobe, Inc.
- Google LLC
- Intel Corporation
- Hewlett-Packard Enterprise Company
- Amazon.com, Inc.
By Type
- Collaborative Filtering
- Content-based Filtering and
- Hybrid Recommendation
By Application
- Personalized Campaigns & Customer Delivery
- Product Planning & Proactive Asset Management and
- Strategy Operations & Planning
By Deployment Type
- Cloud and
- On-premise
By Organization Size
- Large Enterprises and
- Small & Medium Enterprises
By End Use
- Retail
- BFSI
- Healthcare
- Media & Entertainment
- Information Technology and
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
For more information about this report visit https://www.researchandmarkets.com/r/vv1y7b
Contacts
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
[email protected]
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
