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Global Recommendation Engine Market 2020-2024 | 30% CAGR Projection Over the Next Five Years | Technavio

January 13, 2020 GMT
Global Recommendation Engine Market 2020-2024 | 30% CAGR Projection Over the Next Five Years | Technavio
Global Recommendation Engine Market 2020-2024 | 30% CAGR Projection Over the Next Five Years | Technavio

LONDON--(BUSINESS WIRE)--Jan 13, 2020--

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

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Technavio has announced its latest market research report titled global recommendation engine market 2020-2024. (Graphic: Business Wire)

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 Landscape

Market Sizing

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200113005351/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

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UK: +44 203 893 3200

www.technavio.com

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SOURCE: Technavio Research

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PUB: 01/13/2020 05:00 AM/DISC: 01/13/2020 05:01 AM

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