According to a new report Global Recommendation Engine Market, published by KBV research, The Global Recommendation Engine Market size is expected to reach $11.4 billion by 2027, rising at a market growth of 32.5% CAGR during the forecast period.
The Hybrid Recommendation market is expected to witness a CAGR of 33.7% during (2021 - 2027). The increase in demand from companies that require both collaborative and content-based filtering tools are contributing to the growth of this segment. For instance, Netflix deployed a hybrid recommendation engine to learn about the elements of a show or movie as well as the tastes of viewers.
The Product Planning & Proactive Asset Management market is expected to witness a CAGR of 32.2% during (2021 - 2027). The increased adoption of various latest technologies and solutions by multiple enterprises to make better business decisions is mostly responsible for the growth of this segment. These technologies assist enterprises in gaining insights from data gathered from their customers' preferences, decisions, and habits.
The On-premise market is expected to witness highest CAGR of 28.6% during (2021 - 2027). The need for on-premise recommendation systems from large businesses is increasing because of their huge spending capacity on on-premise infrastructure and data security solutions, which would augment the growth of the segment.
The Small & Medium Enterprises market is expected to witness highest CAGR of 34.2% during (2021 - 2027). It is due to the fact that small and medium enterprises are increasingly looking for alternate options to cut marketing and advertising expenditures due to tight budgets, which is driving demand for recommendation engines among SMEs.
The BFSI market is expected to witness a CAGR of 34.6% during (2021 - 2027). The Healthcare market is expected to witness a CAGR of 33.9% during (2021 - 2027). Additionally, The Media & Entertainment market is expected to witness highest CAGR of 34.1% during (2021 - 2027).
The North America market dominated the Global Recommendation Engine Market by Region 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $3,848.6 million by 2027, growing at a CAGR of 30.6 % during the forecast period. The Europe market is expected to witness a CAGR of 31.6% during (2021 - 2027). Additionally, The Asia Pacific market is expected to witness a CAGR of 34.6% during (2021 - 2027).
Full Report: https://www.kbvresearch.com/recommendation-engine-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of IBM Corporation, Oracle Corporation, Microsoft Corporation, SAP SE, Salesforce.com, Inc., Adobe, Inc., Google LLC, Intel Corporation, Hewlett-Packard Enterprise Company, and Amazon.com, Inc.
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