A content recommendation engine leverages cutting edge algorithms for studying a website user’s behavioral pattern in order to make recommendations. It is expected to witness rising commercial applications over the next couple of years. Market Research Future (MRFR) has recently offered an analysis which asserts that the global content recommendation engine market is set to expand at 30% CAGR during the evaluation period 2018 to 2023.
The product is extensively used in the e-commerce sector. Rapid growth of the online retail industry is expected to drive the growth of the content recommendation engine market in the years to come. In addition, video and music streaming websites and applications are also observed to utilize the product to increase revenues. The trend is anticipated to boost the growth of the market in the nearby future.
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Increasing penetration of smartphones is likely to propel the proliferation of the content recommendation engine market over the next few years. In addition, the availability of internet services at a low cost is anticipated to become the driving factor of the market in the forthcoming years.
The product is likely to witness technological advancements in the nearby future. It further assures that the content recommendation engine market is likely to remain lucrative over the forecast period. Increasing applications across end-user verticals such as BFSI, IT & telecommunication, education, and training, etc. is poised to catalyze market growth over the next couple of years. Focus laid on the expansion of consumer base in these industries is projected to lead the rising utilization of the product.The strong economic development being observed on the global front is further anticipated to support the expansion of the content recommendation engine market in the upcoming years.
On the basis of component, the global content recommendation engine market has been divided into solution and service.
Based on organization size, the content recommendation engine market has been bifurcated into small & medium enterprises and large enterprises.
By filtering approach, the global content recommendation engine market has been segmented into content-based filtering, collaborative filtering, and hybrid filtering.
On the basis of vertical, the Content Based Recommendation Engine Market has been segmented into e-commerce, industrial, media entertainment & gaming, IT & telecommunication, retailer and consumer goods, education & training, BFSI, and healthcare & pharmaceuticals.
The regional segments identified in the geographic assessment of the global content recommendation engine market are – North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). North America is expected to maintain its standing at the leading position in the global market place over the next couple of years. Advancements in technology and its early adoption is presumed to drive the growth of the content recommendation engine market in the region across the assessment period. End-user industries are focusing on enhancing user experiences, which is poised to boost the adoption of these engines in the region over the next few years. In addition, investments by key players in product development are further expected to back the growth of the market in the nearby future. Asia Pacific is suggested to become the fastest growing regional segment by the end of the review period.
Amazon Web Services (US), Certona (US), Curata (US), Boomtrain (US), Cxense (Norway), IBM (US), Dynamic Yield (US), Kibo Commerce (US), Revcontent (US), Taboola (US), Outbrain (US), and ThinkAnalytics (UK) are few of the major vendors operating in the global content recommendation engine market. These market participants are expected to invest in advanced technologies to strengthen their position in the global market place over the next couple of years
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