(I-BusinessNews.Com, March 01, 2021 ) According to new market research report “Content Recommendation Engine Market by Component (Solution, Service), Filtering Approach, Organization Size, Vertical (E-commerce, Media, Entertainment & Gaming, Retail & Consumer Goods, Hospitality), and Region – Global Forecast to 2022″, The content recommendation engine market is expected to grow from USD 1.16 Billion in 2017 to USD 4.95 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 33.7% from 2017 to 2022.
The market is primarily driven by the increasing focus on enhancing customer experience, need for analyzing large volumes of customer data, and rapid digitalization.
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North America is expected to lead the content recommendation engine market in 2017.
North America is estimated to lead the content recommendation engine market in 2017. The growth of the content recommendation engine market can be attributed to continuous technological innovation in the region. The presence of key companies, such as IBM, Amazon Web Services (AWS), Taboola, Outbrain, Revcontent, and Curata in the region is one of the key factors for the growth of the content recommendation engine market.
Based on vertical, the retail & consumer goods segment is expected to grow at the highest CAGR during the forecast period.
Based on vertical, the retail & consumer goods segment of the content recommendation engine market is expected to witness the highest growth due to various benefits offered by customized recommendation engine such as increased customer engagement, customer retention, and high order value to the retail & consumer goods sector. Recommendation engine also helps retail and consumer goods companies to create personalized email campaigns by analyzing user behavior.
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Based on organization size, the small and medium enterprises segment of the content recommendation engine market is expected to grow at the highest CAGR during the forecast period.
Based on organization size, the small and medium enterprises segment of the content recommendation engine market is estimated to witness the highest growth during the forecast period, as there is an increase in the deployment of recommendation engine in several small and medium enterprises to grow their online presence and gain a virtual audience.
Based on component, the service segment of the content recommendation engine market is expected to witness the highest growth during the forecast period.
Based on component, the service segment is expected to witness the highest growth during the forecast period. The high growth of the service segment can be attributed to the growing need to simplify the implementation and maintenance of recommendation solution. Complexities in implementing recommendation solution powered by advanced technologies, such as AI and deep learning, are also supporting the growth of the service segment.
Some of the major content recommendation engine vendors include Amazon Web Services (US), Boomtrain (US), Certona (US), Curata (US), Cxense (Norway), Dynamic Yield (US), IBM (US), Kibo Commerce (US), Outbrain (US), Revcontent (US), Taboola (US), and ThinkAnalytics (UK).
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