The recommendation software and solutions with AI capabilities deployed in the cloud or on-premises offer organizations with various benefits, such as ease of deployment, reduced operational cost, and higher scalability. MarketsandMarkets expects the recommendation engine market size based on AI, to grow from USD 801.1 Million in 2017 to USD 4414.8 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 40.7% during the forecast period. The need to deliver enhanced customer experience in areas, such as product and content searching, retain old customers and attract new customers, and analyze a large volume of data to design recommendations are expected to provide growth opportunities for the market.
The major vendors in the global recommendation engine market based on AI, are IBM (US), SAP (Germany), Salesforce (US), HPE (US), Oracle (US), Google (US), Microsoft (US), Intel (US), AWS (US), and Sentient Technologies (US). New product launches, and product enhancements and partnerships are the key growth strategies adopted by these market players to offer feature-rich products and services to their customers and penetrate deeper into the unserved regions.
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The media and entertainment end-user segment is expected to grow at a significant growth rate during the forecast period
The demand for recommendation engine based on AI, is expected to grow across various end-users with the increase in need to understand customer behavior and formulate various customer retention strategies. Specifically, the media and entertainment segment is expected to record the highest growth rate during the forecast period. The market for media and entertainment is expected to grow at a faster rate, owing to the increase in need for deployment of recommendation engine solution either on cloud or on-premises.
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North America is expected to account for the largest market share during the forecast period
North America is the most competitive and rapidly changing region in the recommendation engine market across the globe. North America, among all the regions, has witnessed maximum adoption of recommendation engine, due to the rise in focus of the companies to enhance consumer experience, growth in technological advancement, and surge in government support. The US and Canada are projected to extensively implement recommendation engine solutions. Hence, North America is expected to account for the largest market share in the global recommendation engine market during the forecast period.
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