“The Recommendation Engine Market was valued at USD 1.2 billion in 2019, at a CAGR of over 34.3% during the forecast period (2020 – 2025).”
Recommendation Engine – A Market Overview and Forecast 2020 – 2025, This report presents a profound evaluation of basic elements of Recommendation Engine industry such as production scale and profit generation. Market driving factors, newly adopted technologies, latest business methodologies have been discussed in this report. The report also forecasts the potential of the market and reviews thorough analysis of vital segments and regional markets.
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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.
– The rising need for customer retention as well as increased revenue and Return on Investment (RoI) by deploying AI-powered recommendation engines, is expected to drive the market demand.
– The advancement of digitalization across emerging economies coupled with an increase in the eCommerce market has driven the demand for recommendation engines.
– Integration of Machine Learning model across the AI-based cloud platforms is driving the automation across multiple end-user industries terminal.
The recommendation engine market is moderately competitive and consists of a few major players. In terms of market share, some of the players 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.
– November 2019 – Cloudera had launched its new Cloudera Connect to help partners innovate faster, grow the machine learning and analytics markets, and build profitable businesses. Partners gain the resources and expertise to accelerate customer adoption and value with end-to-end solutions based on the Cloudera Data Platform (CDP).
Scope of the Report
Recommendation engines basically are data filtering tools that make use of various algorithms and data to recommend the most relevant items to a particular customer. It first captures the past behavior of a customer and based on that, recommends products which the users might be likely to buy. The integrated software context that analyzes available data to make suggestions for something (product/services) that a website user might be interested among other possibilities. Recommendation engines systems are common among e-commerce, social media and content-based websites.
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Furthermore, this study will help to solve the following issues:
- Cyclical dynamics-Report foresees dynamics of industries by using core analytical and unconventional market research approaches.
- Identifying key cannibalizes– Strong substitute of a product or service is that the most prominent threat. Report includes key cannibalizes of a market, by procuring marketing research. This helps in aligning new product development/launch strategies before.
- Spotting emerging trends– Report helps to identify upcoming hot market trends. Report also track possible impact and disruptions which a market would witness by a specific emerging trend.
- Interrelated opportunities–This report will allow making decisions based on data, thereby increasing the chances that the strategies will perform better.
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The report could be customized according to the client’s specific research requirements. No additional cost will be required to pay for limited additional research.
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