LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global artificial intelligence-based personalization market to grow at a CAGR of close to 13% during the period 2018-2022, according to their latest market research report.
AI integration with augmented reality is one of the major trends being witnessed in the global artificial intelligence-based personalization market. In the retail industry, several brands are using a graphic illustrator that allows their target customers to try on glass frames and cosmetic products including lipsticks, eyeshadows, and other products through the company’s app or website or both. The graphics illustrator can access and identify facial features and then use augmented reality to apply the product to the desired body part.
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In this report, Technavio analysts highlight the high unsubscribe rate for mass marketing as a key factor contributing to the growth of the global artificial intelligence-based personalization market:
Global artificial intelligence-based personalization market: High unsubscribe rate for mass marketing
Mass marketing is the process of advertising the same product or service to every end-user, irrespective of his/her interests and purchase behavior. Adverts can be delivered via e-mails, direct mails, and mobile notifications. Consumers who are not interested in the deal or the product can opt out of such adverts. The unsubscribe rate for mass marketing is high. Around 20% of e-mail receivers unsubscribe from e-mails when they receive too many from a brand.
According to a senior analyst at Technavio for research on enterprise application, “Customer behavior drives the need for personalization of messages. This process is made effective using artificial intelligence and machine learning algorithms, through which messages are sent based on previous orders, searches, clicks, time spent on pages, interests of similar visitors, and wish lists. Click rates and conversion rates increase through personalization of messages.”
Global artificial intelligence-based personalization market: Americas to dominate the market through 2022
This market research report segments the global artificial intelligence-based personalization market into the following applications (website personalization, display ads personalization, social media personalization and e-mail personalization) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the four major applications, the website personalization segment held the largest market share in 2017, accounting for nearly 34% of the market. However, by 2022, display ads personalization is expected to surpass website personalization to become the leading application segment, accounting for a market share of 35%.
The Americas dominated the global artificial intelligence-based personalization market in 2017, accounting for a market share of around 40%. This region is expected to post steady growth, with the market share increasing by nearly 1% during the forecast period.
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Five Forces Analysis
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- Vendors covered
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