New York, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Content Recommendation Engine Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06368563/?utm_source=GNW
The global content recommendation engine market 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%.
The content recommendation engine market consists of sales content recommendation engines by entities (organizations, sole traders, and partnerships) that are used for predicting user behavior, based on user visits to a website or user profile and then recommend content, products, or services a customer is likely to consume or engage with. The content recommendation engine is a platform that uses data collection, data storage, data analysis, and data filtering to provide personalized content and suggestions to website visitors to optimize their experience, which leads to increased viewership and purchases.
The main components of a content recommendation engine include solution and service.Content recommendation engine solutions include website development services, application development services for devices, software developments, and others.
The different content recommendation engine filtration approaches include collaborative filtering, content-based filtering and hybrid filtering.The organization size for content recommendation engines is small and medium enterprises and large enterprises.
The content recommendation engine verticals include e-commerce, media, entertainment, gaming, retail and consumer goods, hospitality, IT and telecommunication, BFSI, education and training, healthcare and pharmaceutical and 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 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.
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 growth of the content recommendation engine market.
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.
In April 2022, Taboola, a US-based company operating in content recommendation engine, acquired Gravity R&D for an undisclosed amount.Through this acquisition, Taboola aims to strengthen its product in the portfolio in content recommendations by providing personalized offers to customers to drive sales, increase average order sizes, and build customer loyalty to increase its market presence.
Gravity R&D is a Hungry-based company operating in a content recommendation engine market.
The countries covered in the content recommendation engine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The content recommendation engine market research report is one of a series of new reports that provides content recommendation engine market statistics, including content recommendation engine industry global market size, regional shares, competitors with an content recommendation engine market share, detailed content recommendation engine market segments, market trends and opportunities, and any further data you may need to thrive in the content recommendation engine industry. This content recommendation engine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06368563/?utm_source=GNW
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