Recommendation Engine Market Is Estimated To Expand Further At A CAGR Of 33.0% By 2028Posted by rahul nikade on October 18th, 2022 Recommendation Engine Industry Overview The global recommendation engine market size was valued at USD 1.77 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 33.0% from 2021 to 2028. The increasing need to enhance customer experience is fueling the demand for recommendation engines. The growing adoption of digital technologies among organizations is also resulting in the increased demand for recommendation engine solutions. The COVID-19 pandemic affected several industries, leading to a notable change in how businesses operate and buyers shop. These changes are expected to endure beyond the pandemic as well, having a lasting impact on businesses and people. For instance, the e-commerce giant Amazon.com, Inc. made approximately USD 33 million an hour in sales in the first quarter of 2020. Gather more insights about the market drivers, restrains and growth of the Global Recommendation Engine Market Due to the rising fear of getting infected, people were compelled to make the shift from physical stores to online shopping. This shift is resulting in the growing demand for recommendation engines. According to Adobe Research 2021, approximately 34% of shoppers are expected to shop even more if they receive recommendations based on their past purchase history. However, rising concerns about the safety of customer information could hamper the market growth. Despite this hindrance, the growing volume of quantitative and qualitative data and the emergence of deep learning technology are anticipated to bode well for the market in the forthcoming years. Browse through Grand View Research's Next Generation Technologies Industry Research Reports
Recommendation Engine Market Segmentation Grand View Research has segmented the global recommendation engine market based on type, deployment, application, organization, end-use, and region: Recommendation Engine Type Outlook (Revenue, USD Million, 2016 - 2028)
Recommendation Engine Deployment Outlook (Revenue, USD Million, 2016 - 2028)
Recommendation Engine Application Outlook (Revenue, USD Million, 2016 - 2028)
Recommendation Engine Organization Outlook (Revenue, USD Million, 2016 - 2028)
Recommendation Engine End-use Outlook (Revenue, USD Million, 2016 - 2028)
Recommendation Engine Regional Outlook (Revenue, USD Million, 2016 - 2028)
Market Share Insights
Key Companies profiled: Some prominent players in the global recommendation engine include:
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