1. Market Research
  2. > Business Services
  3. > Advertising and Marketing
  4. > Marketing Market Trends
Recommendation Engine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Recommendation Engine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • June 2021
  • 159 pages
  • ID: 6095506
  • Format: PDF
  • Mordor Intelligence LLP
Up to $750 off Until Sep 30th 2021

Summary

Table of Contents

Search Inside

The Recommendation Engine market was valued at USD 2.12 billion in 2020, and it is expected to reach USD 15.13 billion by 2026, registering a CAGR of 37.46% during the period of 2021-2026. With the growing amount of information over the internet along with a significant rise in the number of users, it is becoming essential for companies to search, map and provide them with the relevant chunk of information according to their preferences and tastes.

- With the growing number of enterprises and the rising competition among them, many companies are trying to integrate technologies, like artificial intelligence (AI), with their applications, businesses, analytics, and services. Majority of the organizations globally are pursuing digital transformation, focusing on improving the experience of customers and employees, which are being leveraged by automation solutions.
- With governments worldwide enforcing lockdown to home quarantines to curb transmission of COVID-19, people are staying back at home, which has led to increased online shopping and bulk buying of goods. This resulted in massive supply chain stress. Thus, such supply chain players amongst retailers are looking to deploy AI and smart analytics to ensure resilience.
- Digital transformation provides opportunities for retailers to acquire new customers, engage with existing customers better, reduce the cost of operations, and improve employee motivation. These benefits, among others, create a positive impact on the revenue and margins. This positive impact is expected to create significant opportunities for adopting recommendation engines over the forecast period.
- The growing digital commerce market and the tighter operational budgets enable e-commerce players to make smart choices regarding the technologies to invest in and the ones they should forego. To understand customers and their need for convenient and consistent shopping experiences, retailers must transform the store and move the business forward digitally.
- The rising trend of multi-cloud functioning and the growing need for cloud-based intelligence services are also driving the demand for AI as a service. IBM stated that by 2021, 98% of the organization would adopt multi-cloud architectures, with 41% having a multi-cloud management strategy and 38% having procedures and tools to operate a multi-cloud environment.

Key Market Trends
IT and Telecommunication industry is showing a promising growth for recommendation engine market. h rate.

In the fiercely competitive mobile and broadband services market, leading providers recognize the importance of understanding the preferences, demographics, and purchasing habits of the subscribers. The ability to use all the distributed information available to serve the customer better and cross-sell and up-sell effectively can be a significant advantage.

- Advances in technology enable providers to collect massive amounts of information on geolocation. The challenge is effectively processing this data and combining it with existing customer intelligence, to improve the success of marketing campaigns in near-real-time and offer convenient and relevant services and incentives for increased ROI.
- The recommender system for the telecom domain is proposed and implemented to combine collaborative filtering algorithms on a data set made of user preferences on different services in the telecom domain. In addition, the bundled services provided by telecom providers, such as subscriptions to Netflix and Amazon Prime, are also greatly influenced by recommendation engines.
- The IT industry is also witnessing the gradual adoption of recommendation engines to build product recommendation chatbots with the help of ML and AI algorithms. For example, gnani.ai offers a personalized recommendation chatbot based on user preferences and chat history. This drives more customers to the final stage of the sales funnel.
- Furthermore, vendors are rolling out new solutions in the recommendation engine market for the telecom industry to have a strong foothold. For instance, in January 2021, Envestnet Inc. announced the launch of a new version of its recommendation engine for enterprise organizations.
- The IT and telecommunication industry is expected to witness growth during the forecast period. The increasing focus of businesses in this end-user industry to make investments and initiatives to enhance customer experience and increase customer retention, coupled with the high level of social media penetration, may propel market growth.

Europe region is registering second highest growth rate in the market.

- Germany, France, the United Kingdom, Italy are the prominent countries that have a maximum number of internet users in the European region. According to International Telecommunications Union, Germany had 79.13 million internet users in June 2020, followed by France having 60.4 million users, Italy at 54.8 million, and Spain at 42.96 million.
- The recent pandemic has accelerated the adoption of digital services and e-commerce. Companies have seen a surge in market share from new customers in digital channels. As the region is navigating through Covid-19 and economic recovery, companies that can engage their customers in a relevant, meaningful way are expected to realize stronger growth rates. As a result, to best utilize online channels to generate revenue, various end-user industries are utilizing Recommendation engines.
- The region also has a growing retail market which is highly driven by recommendations through various online platforms. As a result, the region is witnessing a surge in customized recommendation engines that are specific to the industry.
- The demand for AI and machine learning is growing. Other industries are witnessing a growth in terms of adoption, as recommendation engines provide details about customers’ preferred meals based on their ordering history, spending capacities, preference to “near me” stores, etc.
- As a result, Takeaway.com, Just Eat, and other local services have become more readily available. The region is also witnessing the entry of more food ordering platforms, such as Uber Eats, which may provide further opportunities to recommendation engine vendors during the forecast period.

Competitive Landscape
The recommendation engine market is moderately competitive and consists of a few major players. In terms of market share, some of the players are currently dominate the market. However, with the advancement in the analytics across AI-based platforms, new players are increasing their market presence thereby expanding their business footprint across the emerging economies. Hence the market concentration is low.

- May 2021 - IBM announced the expansion of IBM Watson Advertising Accelerator for OTT and video, designed to help marketers move beyond contextual relevance alone. Accelerator aims to leverage artificial intelligence to dynamically optimize OTT ad creative for improved campaign outcomes at scale, not dependent on traditional advertising identifiers. While compatible with most streaming platforms, IBM is partnering closely with Xandr, an industry leader in programmatic and converged video solutions, to help scale the adoption of Accelerator.
- January 2021 - Google Cloud launched an AI recommendation engine for online retailers with a new suite of solutions to strengthen personalized online shopping. Product Discovery Solutions for Retail includes Recommendations AI that can deliver highly personalized product recommendations at scale and across all channels.
- November 2020 - The company introduced version 7.0.0 of the Recolize tool, with a new method of displaying data. The new version offers an organized display of the revenue and share using bar charts, pie graphs and line graphs. The tool also displays the number of clients, behavior pattern, growth cure, conversions among various other information which is vital for the users.
- July 2020 - Adobe Target increased Adobe Analytics-enhanced reporting with the artificial intelligence-powered testing and personalization capabilities of the new Auto-Allocate, Auto-Target, and Recommendations through Adobe Sensei, Adobe’s AI technology.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
10% Off

$4250

  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

Multichannel Order Management Market with COVID-19 Impact Analysis, by Component, Deployment Mode, Organization Size, Vertical And Region - Global Forecast to 2026

  • $ 4950
  • June 2021
  • 254 pages

The global multichannel order management market size to grow from USD 2.3 billion in 2021 to USD 3.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.2% during the forecast period. Various ...

  • World
  • APAC
  • Supply Chain Management
  • Data Analytics
  • Industry analysis
  • Online Retail Sales
  • Gross Domestic Product

ref:plp2021

Reportlinker.com © Copyright 2021. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on