The content recommendation engine market is expected to grow from USD 1.16 billion in 2017 to USD 4.95 billion by 2022, at a CAGR of 33.7% from 2017 to 2022. Major factors driving the demand for content recommendation engine include increasing focus on enhancing customer experience, rapid digitalization, and need for analyzing large volumes of customer data.
The scope of this report covers the content recommendation engine market analysis based on component, filtering approach, organization size, vertical, and region. The growing use of Artificial Intelligence (AI) engine to offer personalized customer experience and the increased demand for personalization are the growth opportunities for the market. Companies, such as Amazon Web services (US) and Netflix (US) have implemented recommendation engine with AI capabilities to offer personalized recommendations to each customer and improve customer loyalty.
The demand for content recommendation engine is increasing across the globe due to the increase in the number of Internet users, online shopping, and personalized recommendations to users, thereby helping companies to enhance their online customer base. These factors provide major growth opportunities for the content recommendation engine market.
Based on component, the service segment is estimated to grow at a high rate during the forecast period. There has been a surge in demand for services, which includes development services, consulting services, implementation services, training services, support services, and others. Service providers offer these services to help customers deploy recommendation offerings successfully.
Based on vertical, the E-commerce segment is estimated to lead the content recommendation engine market in 2017. The growth of this segment can be attributed to the increased user interaction and sales of their products on E-commerce websites and mobile applications.
The content recommendation engine market in Asia Pacific has been studied for India, China, Japan, Indonesia, Singapore, Australia, and South Korea. The growth in the number of mobile users, rise in digitalization, and Over the Top (OTT) players will make organizations deploy content recommendation solution. The content recommendation engine market in China, Japan, South Korea, and Indonesia is projected to witness significant growth, owing to the increase in content or products searches in national languages in the recommendation tab.
