Global Recommendation Engine Market
Type (Collaborative Filtering, Content-Based Filtering, Hybrid Recommendation Systems)
The hybrid recommendation systems segment in the recommendation engine market is expected to surpass USD 41.13 billion by the end of 2037, up from a revenue of USD 2.36 billion in the year 2024. This segment is also estimated to grow at the highest CAGR of 24.80% between the year 2025-2037.
This growth of the segment is poised to be influenced by a surge in the number of video-streamers. In 2023, there were over 2 billion video streamers, a high from the year 2020 when streamers totaled over 1 billion. Hence, the demand for hybrid recommendation systems is set to rise owing to its ability to offer more accurate recommendation.
For instance, in case of Netflix, makes an excellent example of a hybrid recommendation system. This is because Netflix provide recommendations by juxtaposing by understanding the watching and searching habits of users and exploring identical users on that platform.
Organization Size (SMEs, Large Enterprises)
The large enterprises segment is anticipated to gather notable revenue in the market over the coming years. Recommender systems have been used commonly to guarantee that the user discovers something new every time. By making sure that the user receives constant recommendations according to their taste, they are estimated to extend their subscription for another month. Hence, large organizations are set to significantly benefit from this solution since they are constantly aiming to expand their business.
Additionally, the SME segment is also set to have significant growth over the coming years. This growth of the segment is poised to be dominated by rising SME businesses. For instance, the Census Bureau’s Business Dynamics Statistics estimated in 2021 there were 5,358,600 SMEs, up from 5,322,155 in the year 2020 in the US.
Deployment (On-Premises, Cloud)
The cloud segment is estimated to have significant growth in the market over the coming years. Cloud services including Azure, AWS, and Google Cloud offer adaptable infrastructure that enables to regulation of resources based on demand.
Cloud providers offer a varied range of complementary services, which includes data analytics platforms, machine learning tools, and AI services. Users may efficiently adopt these services with the recommendation engine to improve insights, and functionality and drive better recommendations.
Our in-depth analysis of the global market includes the following segments:
Component |
|
Type |
|
Deployment |
|
Organization Size |
|
Application
|
|
End User
|
|
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?