LONDON--(BUSINESS WIRE)--The recommendation engine market size is poised to grow at a CAGR of almost 30% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Companies use recommendation filtering systems, such as collaborative filtering, content-based filtering, and hybrid filtering to enhance user experience and customer base. Moreover, there is a high preference for hybrid filtering system as it incorporates both recommendation systems; collaborative filtering and content-based filtering. It enables users flexibility to create a set of recommendations using different technologies, such as AI and ML. Netflix and Amazon are among the major companies utilizing the hybrid recommendation system to provide an enhanced user experience. Thus, the rise in the use of hybrid recommendation systems will accelerate the growth of the recommendation engine market during the forecast period.
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As per Technavio, the implementation of AI in recommendation engines will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Recommendation Engine Market: Implementation of AI in Recommendation Engines
Vendors in the recommendation engine market are integrating technologies such as AI and ML, in recommendation engines to provide more advanced search engine capabilities to enhance the user experience. AI technology enables recommendation engines to understand customer behavior and provide relevant content in real time. In addition, ML algorithms analyze the history of the user and provide attributes of products and contents. The ML-based recommendation engine uses collaborative filtering or content-based filtering methods to provide recommendations. AWS is offering Amazon Personalize, an ML-based recommendation engine, which enables developers to create recommendations for customers using their own applications. Thus, the implementation of AI in recommendation engines will drive the growth of the market during the forecast period.
“Other factors such as the growing demand for personalized recommendations, and raising funds through crowdfunding platforms by recommendation engine startups will have a significant impact on the growth of the recommendation engine market value during the forecast period,” says a senior analyst at Technavio.
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Recommendation Engine Market: Segmentation Analysis
This market research report segments the recommendation engine market by end-user (media and entertainment, retail, travel and tourism, and others) and geography (APAC, North America, Europe, South America, and MEA).
The North American region led the market in 2019, followed by APAC, Europe, South America, and MEA respectively. The growth of the recommendation engine market share in North America can be attributed to the increasing adoption of OTT services, including both video-on-demand and audio-on-demand.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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