The global recommendation engine market is estimated to grow at a significant CAGR during the forecast period. The recommendation engine is a data filtering tool that uses machine learning algorithms to recommend the most relevant items to a user or customer. It functions on the principle of finding patterns in consumer behaviour data that can be obtained implicitly or explicitly. For instance, Netflix uses a recommendation engine to offer viewers with movie and show suggestions. On the other hand, Amazon uses a recommendation engine to present customers with product recommendations. Though each uses one for slightly different purposes, both have the same goal to drive sales, boost engagement and retention, and deliver more personalized customer experiences.
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Many firms are attempting to integrate technology such as artificial intelligence (AI) with their apps, businesses, analytics, and services as the number of businesses grow and competition grows. The majority of firms globally are pursuing digital transformation, concentrating on improving customer and employee experiences through automation technologies. Furthermore, for the telecom industry to gain a solid presence in the recommendation engine market, manufacturers are releasing innovative solutions. Envestnet Inc., for inctance, announced the release of a new edition of their recommendation engine for enterprise companies in January 2021.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Recommendation Engine Market by Segments,
By Deployment Mode,
- On-Premise
- Cloud
By Types,
- Collaborative Filtering
- Content-Based Filtering
- Hybrid Recommendation Systems
- Other Types
Global Recommendation Engine Market by region,
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
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