$ 3.57 Billion Growth in Global Recommendation Engine Market 2020-2024 | Key Vendor Insights and Product Offerings | Technavio

Rhea-AI Summary

The recommendation engine market is projected to grow by USD 3.57 billion from 2020 to 2024, driven by increased demand for personalized recommendations and the adoption of AI technologies. The market experienced growth in 2020 compared to 2019, largely due to the impact of the COVID-19 pandemic. Businesses are navigating through response, recovery, and renew phases, which emphasize building resilience and agility. Key players identified in the market include Adobe, IBM, Salesforce, and others. This report presents an optimistic scenario for future market growth.

Positive

• Estimated market growth of USD 3.57 billion from 2020 to 2024.
• Increased demand for personalized recommendations driving market expansion.
• Projected CAGR of almost 30% during the forecast period.

Negative

• None.

NEW YORK, March 11, 2021 /PRNewswire/ -- The recommendation engine market is expected to grow by USD 3.57 billion during 2020-2024, according to Technavio. The report offers a detailed analysis of the impact of COVID-19 pandemic on the recommendation engine market in optimistic, probable, and pessimistic forecast scenarios.

The recommendation engine market will witness a positive impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio's pandemic-focused market research, market growth increased in 2020 as compared to 2019. Enterprises will go through the Response, Recovery, and Renew phases. Download Free Sample Report

With the continuing spread of the novel coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery, and renew phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis towards the Next Normal.

This post-pandemic business planning research will aid clients to:

• Adjust their strategic planning to move ahead once business stability kicks in.
• Build Resilience by making effective resource and investment choices for individual business units, products, and service lines.
• Conceptualize scenario-based planning to mitigate future crisis situations.

Download the Post-Pandemic Business Planning Structure

Key Considerations for Market Forecast:

• Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
• Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
• Pre- as well as post-COVID-19 market estimates
• Quarterly impact analysis and updates on market estimates

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Major Recommendation Engine Market Participants:

The market is fragmented and the degree of fragmentation is expected to remain the same over the forecast period. The report identifies Adobe Inc., Amazon Web Services Inc., Dynamic Yield Inc., Evergage Inc., Google LLC, International Business Machines Corp., Kibo Software Inc., Qubit Digital Ltd., Salesforce.com Inc., and SAP SE. as the major participants in the market. 

If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Get report snapshot here to get detailed market share analysis of market participants during COVID-19 lockdown: https://www.technavio.com/report/recommendation-engine-market-industry-analysis

Recommendation Engine Market 2020-2024: Segmentation

Recommendation engine market is segmented as below:

• End-user
• Media And Entertainment
• Retail
• Travel And Tourism
• Others
• Geographic Landscape
• APAC
• Europe
• MEA
• North America
• South America

The recommendation engine market is driven by growing demand for personalized recommendations. In addition, other factors such as implementation of AI in recommendation engines are expected to trigger the recommendation engine market toward witnessing a CAGR of almost 30% during the forecast period.

Get more insights about the global trends impacting the future of recommendation engine market, Request Free Sample @ https://www.technavio.com/talk-to-us?report=IRTNTR40770

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Email: media@technavio.com
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SOURCE Technavio

FAQ

What is the projected growth of the recommendation engine market?

The recommendation engine market is projected to grow by USD 3.57 billion from 2020 to 2024.

How has COVID-19 impacted the recommendation engine market?

The market experienced growth in 2020 compared to 2019, largely due to the pandemic's influence.

Which companies are major players in the recommendation engine market?

Key players include Adobe, IBM, Salesforce, and Google.

What is the expected CAGR for the recommendation engine market during the forecast period?

The expected CAGR for the market is almost 30%.