Recommendation Search Engine Market Growth Factor Details for Business Developments 2019 to 2023
- ehteshampeerzade
- Dec 2, 2020
- 2 min read
Market Highlights
Acknowledging the kind of growth, the Recommendation Search Engine market is witnessing currently, Market Research Future (MRFR) in its recently published study analysis, confirms that the global recommendation search engine market will reach approx. 5,900 MN USD by 2023, registering a robust CAGR over 40 % throughout the forecast period (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.
Segmentation:
For a better understanding, the recommendation search engine market size report has been segmented into six key dynamics:
By Type: Collaborative Filtering, Content-Based Filtering, and Hybrid Recommendation among others.
By Technology: Context-Aware (Machine Learning and Deep Learning, and Natural Language Processing.), and Geospatial Aware among others.
By Application: Personalized Campaigns & Customer Discovery, Product Planning, Strategy & Operations Planning, and Proactive Asset Management among others.
By Deployment: On-Cloud and On-Premise.
By End-User: BFSI, Healthcare, IT & Telecom, Media and Entertainment, Transportation, and Retail among others.
By Region: Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
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.
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.
Comments