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According to The Business Research Company’s research report on the content recommendation engine market, the rapid digitalization is expected to propel the growth of the content recommendation engine market. Digitalization is the use of various digital technologies and the increase in digital access to change a business model and value-producing opportunities to generate high revenue. According to the stats by Oberlo, the number of internet users worldwide increased from 4.02 billion in 2018 to nearly 4.95 billion by 2022. Content recommendation engines are widely used in many firms to optimize business operations and attract maximum customers, improve customer engagement and drive higher revenues. According to the article published by Barilliance Ltd, an Israel-based company that provides personalized solutions for e-commerce platforms and email marketing, in September 2021, approximately 31% of e-commerce revenue is generated from product recommendations. Therefore, rapid digitalization in businesses is driving the content recommendation engine market growth.
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The global content recommendation engine market size is expected to grow from $3.24 billion in 2021 to $4.47 billion in 2022 at a compound annual growth rate (CAGR) of 38.10%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The content recommendation engine market is expected to grow to $15.40 billion in 2026 at a compound annual growth rate (CAGR) of 36.21%.
New product innovation is the key trend gaining popularity in the content recommendation engine market. Major companies operating in the content recommendation engine market are focused on product innovations that could give better recommendation solutions used online business platforms and strengthen their position in the market. For instance, in June 2022, Algolia, a US-based company providing personalized solutions for e-commerce platforms, introduced its advanced recommendation platform based on hybrid filtering combined with artificial intelligence known as Algolia recommend spring. Hybrid filtering technology uses both filtering methods to fill gaps in prediction processes, such as content-based filtering for users’ current interests and collaborative filtering for preferences and behaviours of users this combination can provide an accurate prediction. The platform is an artificial intelligence-based recommendations engine integrated with a search and discovery platform to connect with users to provide relevant, actionable recommendations to enhance customer engagement.
Major players in the content recommendation engine market are International Business Machines Corporation, Amazon Web Services Inc, RevContent, Taboola, Outbrain Inc, Cxense, Dynamic Yield Ltd, Curata Inc, boomtrain Inc, ThinkAnalytics, Kibo Software Inc, Certona Corporation, Uberflip, Recombee and Newzmate Inc.
The global content recommendation engine market is segmented by component into solution, service; by filtering approach into collaborative filtering, content-based filtering, hybrid filtering; by organization size into small and medium enterprises, large enterprises; by vertical into e-commerce, media, entertainment, and gaming, retail and consumer goods, hospitality, IT and telecommunication, BFSI, education and training, healthcare and pharmaceutical, other verticals.
North America was the largest region in the content recommendation engine market in 2021. Asia-Pacific is expected to be the fastest-growing region in the content recommendation engine market during the forecast period. The regions covered in the content recommendation engine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Content Recommendation Engine Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide content recommendation engine market forecast size and growth, content recommendation engine market segments and geographies, content recommendation engine market trends, content recommendation engine market drivers and restraints, content recommendation engine market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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