LONDON--(BUSINESS WIRE)--In our highly competitive world where everybody is competing for eyeballs and trying to leverage the first mover advantage, only artificial intelligence can deliver the efficiency we seek. However, there is an underlying fear that excessive reliance on artificial intelligence will lead to an impersonal experience devoid of the human element. These reservations are put to rest with the development of AI-based personalization solutions. These solutions utilize AI to create a unique experience for customers based on their needs and preferences. This helps to improve customer relationships by providing customized products to enhance customer satisfaction.
AI-based personalization for increased customer engagement
Researchers at Technavio forecast the global artificial intelligence-based personalization market to grow at a CAGR of close to 13% during the forecast period. Advances in AI have led to integration with the Internet of things (IoT) and cloud resulting in better connectivity among devices. This allows machines to understand humans better. Personalization uses machine learning algorithms to understand customer behavior and create a unique experience for customers based on their needs, preferences, and interests. AI-based personalization ensures that a suitable message is conveyed to the right audience, through the right channel, at the right time.
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Americas to dominate the AI-based personalization market through 2022
In terms of geography, the Americas accounted for the largest share of the artificial intelligence-based personalization market in 2017. According to the comprehensive market research analysis by Technavio, this region will continue its dominance during the forecast period primarily due to high technological sophistication in North America. The presence of most of the top vendors in this region is also responsible for the larger market share of the region, however, the APAC region is slowly gaining traction.
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