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.
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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.
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