Content Recommendation Engine Market Research Report, by Component (Solution), Filtering Approach (Collaborative Filtering, Content-Based Filtering), Organization Size (Small & Medium Enterprises, Large Enterprises), Vertical by Regional Forecast till 2023
Pune, India - August 6, 2019 /MarketersMedia/ —
Market synopsis
The global content recommendation engine market is predicted to have a phenomenal growth at a notable CAGR over the forecast period (2018-2023), reveals the latest Market Research Future (MRFR) report. A recommendation engine is a simple algorithm that aims to offer the most accurate and relevant items to users by filtering valuable information from a pool of information. These engines are common among content-based websites related to entertainment, education, mobile apps, social media, and e-commerce. With mobile applications and other technological advancements continuing to change how users select and use information, recommendation engines are turning into a vital part of software products and applications.
Recommendation systems are widely used as they are based on actual behavior, always up-to-date, great for discovery, and excellent tools for personalization.
Various factors are pushing the growth of the Content Recommendation Engine Market. These factors, in accordance to the Market Research Future (MRFR) report, include rapid digitalization, need to analyze huge volumes of customer data, increased focus on better customer experience, development in infrastructure, increasing use of mobile phones, growing demand for personalization, and an increase in online shopping.
On the contrary, lack of technical expertise, the need to protect sensitive information of customers, and issues associated with technological and infrastructural compatibilities are factors that are likely to hinder the content recommendation engine market growth over the forecast period.
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Key players
Leading players profiled in the content recommendation engine market report include ThinkAnalytics (UK), Taboola (US), Revcontent (US), Outbrain (US), Kibo Commerce (US), IBM (US), Dynamic Yield (US), Cxense (Norway), Curata (US), Certona (US), Boomtrain (US), and Amazon Web Services (US), among others.
In June 2019 SoftServe has launched Recommendation Engine 2.0 with an attempt to try something different. Viewers today want personal experiences, and a customized content engine which will suggest content resting on their interests and lifestyle. This recommendation engine will offer exactly that. Its key components include an unlimited combination of recommenders, which are hybrid, collaborative-based, and content-based. Recommendation Engine 2.0 includes user interaction and user feedback along with global probabilistic electors. It uses a machine learning process (self-teaching) and instantly self-corrects.
Market Segmentation
The Market Research Future report offers a wide segmental analysis of the content recommendation engine market based on organization size, component, filtering approach, and vertical.
Based on the component, the content recommendation engine market is segmented into service and solution. Of these, the service segment will have the largest share in the market over the forecast period.
Based on organization size, the content recommendation engine market is segmented into large enterprises and small and medium enterprises. Of these, the small and medium enterprises segment will dominate the market over the forecast period.
Based on the filtering approach, the content recommendation engine market is segmented into hybrid filtering, content-based filtering, and collaborative filtering. Of these, the collaborative filtering segment will lead the market over the forecast period.
Based on vertical, the content recommendation engine market is segmented into healthcare and pharmaceuticals, education and training, BFSI, IT and telecommunications, retailer and consumer goods, entertainment and gaming, media, e-commerce, and industrial. Of these, the e-commerce segment will have the maximum share in the market over the forecast period. This is owing to the explosion of digital data, an increase in the number of smartphone users, and increasing internet penetration.
Regional Analysis
Based on the region, the content recommendation engine market report covers growth opportunities and the latest trends across Europe, Asia Pacific, North America, and Rest of the World. Of these, North America will remain the driving force in the market over the forecast period. This is owing to the growing need to comprehend client preference and behavior and filter a chunk of information related to business insights or a subject as per the requirement of the consumer.
The content recommendation engine market in the APAC region is predicted to grow at the fastest pace over the forecast period. This is owing to the development in infrastructure and rapid expansion of enterprises.
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Intended Audience
• Providers of content recommendation engine services
• Suppliers of IT hardware/software/services
• Software and system integrators
• IT infrastructure providers
• Marketing analytics executives
• System administrators
• App developers
• Third-party service providers
• Technology providers
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Source: MarketersMedia
Release ID: 88904362
