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PUBLISHER: IMARC | PRODUCT CODE: 1390836
PUBLISHER: IMARC | PRODUCT CODE: 1390836
Recommendation Engine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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Abstract
The global recommendation engine market size reached US$ 3.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 22.2 Billion by 2028, exhibiting a growth rate (CAGR) of 36.05% during 2022-2028.
Recommendation engine refers to a data filtering tool that enables marketers to offer relevant product recommendations to customers in real-time. It is leveraged with data analysis techniques and advanced algorithms, such as machine learning (ML) and artificial intelligence (AI), which can suggest relevant product catalogs to an individual. In addition, it can show products on websites, apps, and emails, based on customer preferences, past browser history, attributes, and situational context. At present, it is widely utilized in business-to-consumer (B2C) e-commerce fields, such as entertainment, mobile apps, and education, which require a personalization strategy.
Recommendation Engine Market Trends:
The coronavirus disease (COVID-19) pandemic and complete lockdowns imposed by governing agencies of numerous countries have encouraged enterprises to shift to online retail platforms. This represents one of the major factors catalyzing the demand for recommendation engines to increase sales and maintain a positive customer relationship. Apart from this, the thriving e-commerce industry on account of the increasing penetration of the Internet, the growing reliance on smartphones, and the emerging social media trend are contributing to the market growth. This can also be attributed to changing consumer spending habits and the rising need for convenience, immediacy, and simplicity during shopping. Moreover, the increasing adoption of the omnichannel approach to sales that focuses on providing a seamless customer experience is driving the market. Furthermore, due to the rapid expansion of businesses globally, there is a rise in the demand for recommendation engines to manage large volumes of data and engage users actively. They are also gaining traction in small and medium-sized enterprises (SMEs) worldwide to enable them to increase overall sales by cross-selling new products to existing customers and maximize average order value.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global recommendation engine market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, technology, deployment mode, application and end user.
Breakup by Type:
Collaborative Filtering
Content-based Filtering
Hybrid Recommendation Systems
Others
Breakup by Technology:
Context Aware
Geospatial Aware
Breakup by Deployment Mode:
On-premises
Cloud-based
Breakup by Application:
Strategy and Operations Planning
Product Planning and Proactive Asset Management
Personalized Campaigns and Customer Discovery
Breakup by End User:
IT and Telecommunication
BFSI
Retail
Media and Entertainment
Healthcare
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Adobe Inc., Amazon.com Inc., Dynamic Yield (McDonald's), Google LLC (Alphabet Inc.), Hewlett Packard Enterprise Development LP, Intel Corporation, International Business Machines Corporation, Kibo Software Inc., Microsoft Corporation, Oracle Corporation, Recolize GmbH, Salesforce.com Inc. and SAP SE.
Key Questions Answered in This Report
- 1. How big is the global recommendation engine market?
- 2. What is the expected growth rate of the global recommendation engine market during 2023-2028?
- 3. What are the key factors driving the global recommendation engine market?
- 4. What has been the impact of COVID-19 on the global recommendation engine market?
- 5. What is the breakup of the global recommendation engine market based on the type?
- 6. What is the breakup of the global recommendation engine market based on the technology?
- 7. What is the breakup of the global recommendation engine market based on the deployment mode?
- 8. What is the breakup of the global recommendation engine market based on the application?
- 9. What is the breakup of the global recommendation engine market based on the end user?
- 10. What are the key regions in the global recommendation engine market?
- 11. Who are the key players/companies in the global recommendation engine market?
Product Code: SR112023A4706
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Recommendation Engine Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Type
- 6.1 Collaborative Filtering
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Content-based Filtering
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Hybrid Recommendation Systems
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 6.4 Others
- 6.4.1 Market Trends
- 6.4.2 Market Forecast
7 Market Breakup by Technology
- 7.1 Context Aware
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Geospatial Aware
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
8 Market Breakup by Deployment Mode
- 8.1 On-premises
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Cloud-based
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
9 Market Breakup by Application
- 9.1 Strategy and Operations Planning
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 Product Planning and Proactive Asset Management
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
- 9.3 Personalized Campaigns and Customer Discovery
- 9.3.1 Market Trends
- 9.3.2 Market Forecast
10 Market Breakup by End User
- 10.1 IT and Telecommunication
- 10.1.1 Market Trends
- 10.1.2 Market Forecast
- 10.2 BFSI
- 10.2.1 Market Trends
- 10.2.2 Market Forecast
- 10.3 Retail
- 10.3.1 Market Trends
- 10.3.2 Market Forecast
- 10.4 Media and Entertainment
- 10.4.1 Market Trends
- 10.4.2 Market Forecast
- 10.5 Healthcare
- 10.5.1 Market Trends
- 10.5.2 Market Forecast
- 10.6 Others
- 10.6.1 Market Trends
- 10.6.2 Market Forecast
11 Market Breakup by Region
- 11.1 North America
- 11.1.1 United States
- 11.1.1.1 Market Trends
- 11.1.1.2 Market Forecast
- 11.1.2 Canada
- 11.1.2.1 Market Trends
- 11.1.2.2 Market Forecast
- 11.1.1 United States
- 11.2 Asia-Pacific
- 11.2.1 China
- 11.2.1.1 Market Trends
- 11.2.1.2 Market Forecast
- 11.2.2 Japan
- 11.2.2.1 Market Trends
- 11.2.2.2 Market Forecast
- 11.2.3 India
- 11.2.3.1 Market Trends
- 11.2.3.2 Market Forecast
- 11.2.4 South Korea
- 11.2.4.1 Market Trends
- 11.2.4.2 Market Forecast
- 11.2.5 Australia
- 11.2.5.1 Market Trends
- 11.2.5.2 Market Forecast
- 11.2.6 Indonesia
- 11.2.6.1 Market Trends
- 11.2.6.2 Market Forecast
- 11.2.7 Others
- 11.2.7.1 Market Trends
- 11.2.7.2 Market Forecast
- 11.2.1 China
- 11.3 Europe
- 11.3.1 Germany
- 11.3.1.1 Market Trends
- 11.3.1.2 Market Forecast
- 11.3.2 France
- 11.3.2.1 Market Trends
- 11.3.2.2 Market Forecast
- 11.3.3 United Kingdom
- 11.3.3.1 Market Trends
- 11.3.3.2 Market Forecast
- 11.3.4 Italy
- 11.3.4.1 Market Trends
- 11.3.4.2 Market Forecast
- 11.3.5 Spain
- 11.3.5.1 Market Trends
- 11.3.5.2 Market Forecast
- 11.3.6 Russia
- 11.3.6.1 Market Trends
- 11.3.6.2 Market Forecast
- 11.3.7 Others
- 11.3.7.1 Market Trends
- 11.3.7.2 Market Forecast
- 11.3.1 Germany
- 11.4 Latin America
- 11.4.1 Brazil
- 11.4.1.1 Market Trends
- 11.4.1.2 Market Forecast
- 11.4.2 Mexico
- 11.4.2.1 Market Trends
- 11.4.2.2 Market Forecast
- 11.4.3 Others
- 11.4.3.1 Market Trends
- 11.4.3.2 Market Forecast
- 11.4.1 Brazil
- 11.5 Middle East and Africa
- 11.5.1 Market Trends
- 11.5.2 Market Breakup by Country
- 11.5.3 Market Forecast
12 SWOT Analysis
- 12.1 Overview
- 12.2 Strengths
- 12.3 Weaknesses
- 12.4 Opportunities
- 12.5 Threats
13 Value Chain Analysis
14 Porters Five Forces Analysis
- 14.1 Overview
- 14.2 Bargaining Power of Buyers
- 14.3 Bargaining Power of Suppliers
- 14.4 Degree of Competition
- 14.5 Threat of New Entrants
- 14.6 Threat of Substitutes
15 Price Analysis
16 Competitive Landscape
- 16.1 Market Structure
- 16.2 Key Players
- 16.3 Profiles of Key Players
- 16.3.1 Adobe Inc.
- 16.3.1.1 Company Overview
- 16.3.1.2 Product Portfolio
- 16.3.1.3 Financials
- 16.3.1.4 SWOT Analysis
- 16.3.2 Amazon.com Inc.
- 16.3.2.1 Company Overview
- 16.3.2.2 Product Portfolio
- 16.3.2.3 Financials
- 16.3.2.4 SWOT Analysis
- 16.3.3 Dynamic Yield (McDonald's)
- 16.3.3.1 Company Overview
- 16.3.3.2 Product Portfolio
- 16.3.4 Google LLC (Alphabet Inc.)
- 16.3.4.1 Company Overview
- 16.3.4.2 Product Portfolio
- 16.3.4.3 SWOT Analysis
- 16.3.5 Hewlett Packard Enterprise Development LP
- 16.3.5.1 Company Overview
- 16.3.5.2 Product Portfolio
- 16.3.5.3 Financials
- 16.3.5.4 SWOT Analysis
- 16.3.6 Intel Corporation
- 16.3.6.1 Company Overview
- 16.3.6.2 Product Portfolio
- 16.3.6.3 Financials
- 16.3.6.4 SWOT Analysis
- 16.3.7 International Business Machines Corporation
- 16.3.7.1 Company Overview
- 16.3.7.2 Product Portfolio
- 16.3.7.3 Financials
- 16.3.7.4 SWOT Analysis
- 16.3.8 Kibo Software Inc.
- 16.3.8.1 Company Overview
- 16.3.8.2 Product Portfolio
- 16.3.9 Microsoft Corporation
- 16.3.9.1 Company Overview
- 16.3.9.2 Product Portfolio
- 16.3.9.3 Financials
- 16.3.9.4 SWOT Analysis
- 16.3.10 Oracle Corporation
- 16.3.10.1 Company Overview
- 16.3.10.2 Product Portfolio
- 16.3.10.3 Financials
- 16.3.10.4 SWOT Analysis
- 16.3.11 Recolize GmbH
- 16.3.11.1 Company Overview
- 16.3.11.2 Product Portfolio
- 16.3.12 Salesforce.com Inc.
- 16.3.12.1 Company Overview
- 16.3.12.2 Product Portfolio
- 16.3.12.3 Financials
- 16.3.12.4 SWOT Analysis
- 16.3.13 SAP SE
- 16.3.13.1 Company Overview
- 16.3.13.2 Product Portfolio
- 16.3.13.3 Financials
- 16.3.13.4 SWOT Analysis
- 16.3.1 Adobe Inc.
Product Code: SR112023A4706
List of Figures
- Figure 1: Global: Recommendation Engine Market: Major Drivers and Challenges
- Figure 2: Global: Recommendation Engine Market: Sales Value (in Billion US$), 2017-2022
- Figure 3: Global: Recommendation Engine Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 4: Global: Recommendation Engine Market: Breakup by Type (in %), 2022
- Figure 5: Global: Recommendation Engine Market: Breakup by Technology (in %), 2022
- Figure 6: Global: Recommendation Engine Market: Breakup by Deployment Mode (in %), 2022
- Figure 7: Global: Recommendation Engine Market: Breakup by Application (in %), 2022
- Figure 8: Global: Recommendation Engine Market: Breakup by End User (in %), 2022
- Figure 9: Global: Recommendation Engine Market: Breakup by Region (in %), 2022
- Figure 10: Global: Recommendation Engine (Collaborative Filtering) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 11: Global: Recommendation Engine (Collaborative Filtering) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 12: Global: Recommendation Engine (Content-based Filtering) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 13: Global: Recommendation Engine (Content-based Filtering) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 14: Global: Recommendation Engine (Hybrid Recommendation Systems) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 15: Global: Recommendation Engine (Hybrid Recommendation Systems) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 16: Global: Recommendation Engine (Other Types) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 17: Global: Recommendation Engine (Other Types) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 18: Global: Recommendation Engine (Context Aware) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 19: Global: Recommendation Engine (Context Aware) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 20: Global: Recommendation Engine (Geospatial Aware) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 21: Global: Recommendation Engine (Geospatial Aware) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 22: Global: Recommendation Engine (On-premises) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 23: Global: Recommendation Engine (On-premises) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 24: Global: Recommendation Engine (Cloud-based) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 25: Global: Recommendation Engine (Cloud-based) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 26: Global: Recommendation Engine (Strategy and Operations Planning) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 27: Global: Recommendation Engine (Strategy and Operations Planning) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 28: Global: Recommendation Engine (Product Planning and Proactive Asset Management) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 29: Global: Recommendation Engine (Product Planning and Proactive Asset Management) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 30: Global: Recommendation Engine (Personalized Campaigns and Customer Discovery) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 31: Global: Recommendation Engine (Personalized Campaigns and Customer Discovery) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 32: Global: Recommendation Engine (IT and Telecommunication) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 33: Global: Recommendation Engine (IT and Telecommunication) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 34: Global: Recommendation Engine (BFSI) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 35: Global: Recommendation Engine (BFSI) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 36: Global: Recommendation Engine (Retail) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 37: Global: Recommendation Engine (Retail) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 38: Global: Recommendation Engine (Media and Entertainment) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 39: Global: Recommendation Engine (Media and Entertainment) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 40: Global: Recommendation Engine (Healthcare) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 41: Global: Recommendation Engine (Healthcare) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 42: Global: Recommendation Engine (Other End Users) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 43: Global: Recommendation Engine (Other End Users) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 44: North America: Recommendation Engine Market: Sales Value (in Million US$), 2017 & 2022
- Figure 45: North America: Recommendation Engine Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 46: United States: Recommendation Engine Market: Sales Value (in Million US$), 2017 & 2022
- Figure 47: United States: Recommendation Engine Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 48: Canada: Recommendation Engine Market: Sales Value (in Million US$), 2017 & 2022
- Figure 49: Canada: Recommendation Engine Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 50: Asia-Pacific: Recommendation Engine Market: Sales Value (in Million US$), 2017 & 2022
- Figure 51: Asia-Pacific: Recommendation Engine Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 52: China: Recommendation Engine Market: Sales Value (in Million US$), 2017 & 2022
- Figure 53: China: Recommendation Engine Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 54: Japan: Recommendation Engine Market: Sales Value (in Million US$), 2017 & 2022
- Figure 55: Japan: Recommendation Engine Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 56: India: Recommendation Engine Market: Sales Value (in Million US$), 2017 & 2022
- Figure 57: India: Recommendation Engine Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 58: South Korea: Recommendation Engine Market: Sales Value (in Million US$), 2017 & 2022
- Figure 59: South Korea: Recommendation Engine Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 60: Australia: Recommendation Engine Market: Sales Value (in Million US$), 2017 & 2022
- Figure 61: Australia: Recommendation Engine Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 62: Indonesia: Recommendation Engine Market: Sales Value (in Million US$), 2017 & 2022
- Figure 63: Indonesia: Recommendation Engine Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 64: Others: Recommendation Engine Market: Sales Value (in Million US$), 2017 & 2022
- Figure 65: Others: Recommendation Engine Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 66: Europe: Recommendation Engine Market: Sales Value (in Million US$), 2017 & 2022
- Figure 67: Europe: Recommendation Engine Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 68: Germany: Recommendation Engine Market: Sales Value (in Million US$), 2017 & 2022
- Figure 69: Germany: Recommendation Engine Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 70: France: Recommendation Engine Market: Sales Value (in Million US$), 2017 & 2022
- Figure 71: France: Recommendation Engine Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 72: United Kingdom: Recommendation Engine Market: Sales Value (in Million US$), 2017 & 2022
- Figure 73: United Kingdom: Recommendation Engine Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 74: Italy: Recommendation Engine Market: Sales Value (in Million US$), 2017 & 2022
- Figure 75: Italy: Recommendation Engine Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 76: Spain: Recommendation Engine Market: Sales Value (in Million US$), 2017 & 2022
- Figure 77: Spain: Recommendation Engine Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 78: Russia: Recommendation Engine Market: Sales Value (in Million US$), 2017 & 2022
- Figure 79: Russia: Recommendation Engine Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 80: Others: Recommendation Engine Market: Sales Value (in Million US$), 2017 & 2022
- Figure 81: Others: Recommendation Engine Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 82: Latin America: Recommendation Engine Market: Sales Value (in Million US$), 2017 & 2022
- Figure 83: Latin America: Recommendation Engine Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 84: Brazil: Recommendation Engine Market: Sales Value (in Million US$), 2017 & 2022
- Figure 85: Brazil: Recommendation Engine Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 86: Mexico: Recommendation Engine Market: Sales Value (in Million US$), 2017 & 2022
- Figure 87: Mexico: Recommendation Engine Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 88: Others: Recommendation Engine Market: Sales Value (in Million US$), 2017 & 2022
- Figure 89: Others: Recommendation Engine Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 90: Middle East and Africa: Recommendation Engine Market: Sales Value (in Million US$), 2017 & 2022
- Figure 91: Middle East and Africa: Recommendation Engine Market: Breakup by Country (in %), 2022
- Figure 92: Middle East and Africa: Recommendation Engine Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 93: Global: Recommendation Engine Industry: SWOT Analysis
- Figure 94: Global: Recommendation Engine Industry: Value Chain Analysis
- Figure 95: Global: Recommendation Engine Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Recommendation Engine Market: Key Industry Highlights, 2022 and 2028
- Table 2: Global: Recommendation Engine Market Forecast: Breakup by Type (in Million US$), 2023-2028
- Table 3: Global: Recommendation Engine Market Forecast: Breakup by Technology (in Million US$), 2023-2028
- Table 4: Global: Recommendation Engine Market Forecast: Breakup by Deployment Mode (in Million US$), 2023-2028
- Table 5: Global: Recommendation Engine Market Forecast: Breakup by Application (in Million US$), 2023-2028
- Table 6: Global: Recommendation Engine Market Forecast: Breakup by End User (in Million US$), 2023-2028
- Table 7: Global: Recommendation Engine Market Forecast: Breakup by Region (in Million US$), 2023-2028
- Table 8: Global: Recommendation Engine Market: Competitive Structure
- Table 9: Global: Recommendation Engine Market: Key Players
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