New York, US, Aug. 08, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Content Recommendation Engine Market Analysis by Component (Solution), Filtering Approach, Organization Size (Small & Medium Enterprises, Large Enterprises), Vertical — Forecast till 2027” valuation is poised to reach USD 27.8 Billion by 2030, registering an 28.5% CAGR throughout the forecast period (2021–2030).
Content Recommendation Engine Market Overview
The growing adoption of content recommendation engine in e-commerce will offer robust opportunities for the market over the forecast period. Providing excellent customer care to customers is the largest difficulty for e-commerce enterprises. The widespread use of the Web like an e-commerce platform in fact has resulted in a fundamental shift in how companies of all kinds engage with their clients. By boosting cross-selling and fostering loyalty, the deployment of the content recommender system in the e-commerce environment can have an effect on both financial performance and the ferocity of consumer interactions.
Content Recommendation Engine Market Report Scope:
| Report Metric | Details |
| Market Size by 2030 | USD 27.8 Billion |
| Growth Rate | 30% CAGR |
| Base Year | 2020 |
| Forecast Period | 2021 to 2030 |
| Historical Data | 2019 |
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Drivers
Increasing Use of AI in Recommendation Engine to Boost Market Growth
The increasing use of AI in recommendation engine to provide personalized customer experience will boost market growth over the forecast period.
Shortage of Qualified Personnel to act as Market Restraint
The shortage of qualified personnel may act as a market restraint over the forecast period.
Technological Compatibilities to act as Market Challenge
Technological compatibilities, issues associated with infrastructure, and protective sensitive information of clients may act as market challenges over the forecast period.
Content Recommendation Engine Market Segments
The global content recommendation engine market is bifurcated based on vertical, filtering approach, and organization size.
By organization size, SMEs will lead the market over the forecast period.
By filtering approach, collaborative filtering will dominate the market over the forecast period.
By vertical, e-commerce will spearhead the market over the forecast period.
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Content Recommendation Engine Market Regional Analysis
North America to Sway Content Recommendation Engine Market
The industry's leading players are concentrated in North America, and the development of cutting-edge technology has possessed a significant impact on the expansion of the content recommendation business. The top competitors are putting a lot of effort into improving how users interact with their websites. The expansion of content recommendation market in North America has also been significantly driven by the region's rapid digitization as well as the region's rising internet and smartphone usage. Over the next few of years, North America is anticipated to keep holding the top spot in the global market. It is anticipated that throughout the assessment period, technological advancements and early acceptance will fuel the expansion of content recommendation engine market within the area.
In the coming years, the use of such engines within the region is expected to increase as end-user businesses put more emphasis on improving user experiences. Key players' expenditures in the product development are also anticipated to support market expansion in the near future. It is projected that North America would generate large revenue, placing great emphasis on the expansion of innovations in the US and Canada. The markets in these nations are the most dynamic and competitive globally. Alongside HBO Now, Amazon Prime Video, Hulu, and Netflix, the United States' top streaming service continues to be Netflix. Companies like Netflix utilize a tool called a recommender engine to gather thousands of the data points from different sources and use them to provide choices to viewers.
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APAC to Have Favorable Growth in Content Recommendation Engine Market
Due to the expansion of Over the Top operators and the region's rapid digitization, which is predicted to increase the deployment of the content recommendation engines, the Asia Pacific market has experienced growth. Due to the rise in mobile users and investments made by various businesses in the deployment of content recommendation engines, the market in Japan, China, Australia, India, Indonesia, & Korea is anticipated to have considerable growth during the forecast period. The fastest growth is anticipated in the Asia Pacific market.
Increased e-commerce adoption and rise in online shopping activity are all contributing factors to the region's demand for recommendation engines. The APAC region will experience the market's fastest expansion, driven in part by nations like Australia, India, China, & South Korea. One of the key nations in the Asia-Pacific region with increasing technological adoption is China. One of the quickest Internet networks and powerful e-commerce players, such as Alibaba, are found in the nation. Asia-Pacific is anticipated to experience the greatest rate of growth in the market for content recommendations in the assessment period owing to the region's rapid digitalization. Similar to this, more people are shopping locally on e-commerce sites, which are boosting the market.
COVID-19 Analysis
Numerous industries around the world have been impacted by the pandemic, and they have recently battled to recover from the lower production rates. Due to the immense data being generated and the difficulty in filtering them and increasing viewership, Content Recommendation Engine sector has also suffered tremendously. On the other side, the limitations on movement have boosted demand for online shopping, which has recently fueled the expansion of content recommendation engine market. Internet usage has grown as a result of the lockdown because most people are remaining at home. The demand for the market growth of content recommendation engines in this pandemic has been driven by the rising data generation in the social media & booming small industries. Retailers are using smart devices and analytics to build resilience as a result of shifting trends in the supply chain stress.
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Content Recommendation Engine Market Competitive Analysis
Dominant Key Players on Content Recommendation Engine Market Covered are:
- 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)
- ThinkAnalytics (UK)
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