Recommendation Engine Market: Current Status, In-depth
Analysis and Forecast Outlook 2031

The global recommendation engine market is estimated to grow
at a significant CAGR during the forecast period. The recommendation engine is
a data filtering tool that uses machine learning algorithms to recommend the
most relevant items to a user or customer. It functions on the principle of
finding patterns in consumer behaviour data that can be obtained implicitly or
explicitly. For instance, Netflix uses a recommendation engine to offer viewers
with movie and show suggestions. On the other hand, Amazon uses a
recommendation engine to present customers with product recommendations. Though
each uses one for slightly different purposes, both have the same goal to drive
sales, boost engagement and retention, and deliver more personalized customer
experiences.

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Many firms are attempting to integrate technology such as
artificial intelligence (AI) with their apps, businesses, analytics, and
services as the number of businesses grow and competition grows. The majority
of firms globally are pursuing digital transformation, concentrating on
improving customer and employee experiences through automation technologies.
Furthermore, for the telecom industry to gain a solid presence in the
recommendation engine market, manufacturers are releasing innovative solutions.
Envestnet Inc., for inctance, announced the release of a new edition of their
recommendation engine for enterprise companies in January 2021.

Furthermore, in May 2021, IBM Watson Advertising Accelerator
for OTT and video has been expanded, allowing marketers to go beyond contextual
relevance alone. Accelerator promises to use AI to dynamically adjust OTT ad
creative for better campaign outcomes at scale, without relying on traditional
advertising IDs. While Accelerator is compatible with numerous streaming
systems, IBM is collaborating closely with Xandr, a market leader in
programmatic and convergent video solutions, to assist scale its usage.

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Market Coverage

• Segment
  Covered- 

o             By
Deployment Mode

o             By Type

• Competitive
  Landscape:  IBM Corporation, Google LLC (Alphabet Inc.), Amazon Web
  Services Inc., Microsoft Corporation, Salesforce.com Inc among others.

Key questions addressed by the report

• What
  is the market growth rate?


• Which
  segment and region dominates the market in base year?


• Which
  segment and region will project fastest growth in the market?


• How
  COVID-19 impacted the market?

o             Recovery
Timeline

o             Deviation
from pre-COVID forecast

o             Most
affected region and segment

• Who
  is the leader in the market?


• How
  players are addressing challenges to sustain growth?


• Where
  is the investment opportunity?

Global Recommendation Engine Market by Segments,

By Deployment Mode,

•                
On-Premise

•                
Cloud

By Types,

•                
Collaborative Filtering

•                
Content-Based Filtering

•                
Hybrid Recommendation Systems

•                
Other Types

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