Global Recommendation Search Engine Industry Research Report— Type (Collaborative Filtering, Content-Based Filtering, Hybrid Recommendation), Technology (Context-Aware, Geospatial Aware), Application, Deployment, End-User (BFSI, Healthcare, IT & Telecom, Retail) - Forecast till 2027
Industry News:
In September 2020, Atos, an eminent name in the field of digital transformation, announced a signing of three-year contract renewal with RAI - Radiotelevisione Italiana S.p.A. - to ensure automation and management of digital services that has a connection with RaiPlay platform. This contract renewal is a way of confirming the mutual trust shared by both these companies that started in 2009. apart from the round-the-clock support and other integrated services, RAI will benefit from a better user experience and automated news stream analysis that has been launched by Atos to provide backup for the high volumes of content. The automation solution enables convergent monitoring and multi viewing of audio and video content to various other devices. It promotes maximum efficiency while managing, storing, delivering, and playing online content, both live and on-demand.
In June 2020, Envestnet announced the rolling out of a new, artificial intelligence-driven Recommendations Engine where there will be an “Opportunities to Engage” Interface backed by Envestnet Analytics. This new platform is expected to provide advisors with certain level of intelligence to bolster their client relationships and practices. This will help in getting data in real-time so that clients can improve their market footprint.
The COVID-19 pandemic is expected to spur online buying habit, which will inspire end users to launch new strategies that will have more space for recommendation search engines.
Market Highlights
The global market report on the recommendation search engine has predicted that the market could surpass USD 5,900 million by 2023 with a CAGR of 40% during the forecast period of 2018 to 2023. Market Research Future (MRFR) claims that the market is expected to grow with thrust from the rising digitization, inclusion of smart gadgets like mobiles, laptops, and tablets, increasing use of algorithm to understand consumer behavior, innovation, research funding to improve existing systems, market competition, increasing uptake of the product by end users, and others.
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Segmentation:
The global recommendation search engine industry has been studied on the basis of a segmentation that includes type, application, technology, end users, and deployment. These segments have data about how the market has performed so far and how segments can inspire proceedings in the coming years.
By type, the report on the recommendation search engine industry has been segmented into content-based filtering, collaborative filtering, and hybrid recommendation.
By technology, the analysis of the recommendation search engine industry includes a study of context-aware and geospatial aware. The context-aware segment includes machine learning and deep learning, and natural language processing.
By application, the market includes product planning, personalized campaigns and customer discovery, strategy and operations planning, and proactive asset management.
By deployment, the market study includes on cloud and on-premise.
By end users, the market comprises retail, media and entertainment, banking, financial services, and insurance, healthcare, transportation, and others.
Regional Analysis:
North America is expected to emerge as a big recommendation search engine market. The regional market is getting backed by rising digitization and infrastructural superiority. In Asia Pacific, a surge in disposable income is expected to bolster the market growth as it is inspiring a massive customer base to find online mediums to cater to their shopping needs.
Competitive Landscape:
The global market report on the recommendation search engine market includes a proper study of companies like Google (US), IBM (US), Oracle (US), Intel (USMicrosoft (US), SAP (Germany), AWS (US), HPE (US), Salesforce (US), ), and Sentient Technologies (US) who have invested much in taking the market further. Their strategic deployments are essential in having a comprehensive assessment of the global market.
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