The global recommendation engine market is experiencing significant growth, driven by the increasing adoption of content recommendation engines in various industries such as e-commerce, media and entertainment, and healthcare. The market is expected to reach USD 16.13 billion by 2026, growing at a CAGR of over 30% during the forecast period.
Content recommendation engines are tools that generate meaningful recommendations to specific users about products or items they might be interested in. These engines work on the search keywords used by the user, as well as on the user's profile, to symbolize the type of items or products the user prefers. By analyzing the history of the user's interactions with the recommendation engine, these engines create an immersive user profile, which enables them to provide more accurate and relevant recommendations.
The use of recommendation engines is particularly useful in the e-commerce industry, where they are used to suggest products to users based on their browsing history and purchase behavior. In the media and entertainment industry, recommendation engines are used to suggest content such as music and videos to users based on their browsing history and preferences.
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Top 10 Companies Operating in the Global Keyword Market:
IBM, SAP, Salesforce, HPE, Oracle, Google, Microsoft, Intel, AWS, and Sentient Technologies, among others.
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The global market is further segmented into type and application:
Deployment Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- On-Premise
- Cloud
Application Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Collaborative Filtering
- Content-Based Filtering
- Hybrid Recommendation
- Others
End-Users Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Retail
- Media and Entertainment
- Transportation
- Healthcare
- BFSI
- Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Further key findings from the report suggest
- Cloud segment is set to experience the highest CAGR of 39.9% during the forecast period. The cloud-based solutions offer comprehensive and agile solutions to end-users in the recommendation engine market.
- Content-based filtering held a market share of 28.9% in the year 2018. In content-based recommendation system, keywords are utilized to describe the items. However, a user profile is built to declare the type of item this user likes. The algorithms try to recommend products which are related to the ones that a user has chosen in the past.
- The media and entertainment segment from among the end-users is set to experience the highest CAGR of 40.9% during the forecast period. They are utilizing recommendation engines powered by AI to acquire benefits, such as customer retention and increased revenue generation.
- Asia Pacific is forecasted to experience the highest CAGR of 40.6% during the forecast period. This region is expected to hold a lucrative market for content recommendation engine through the forecast period due to the rapid digitization pursuits in the region.
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