The Asia Pacific Recommendation Engine Market would witness market growth of 34.6% CAGR during the forecast period (2021-2027).
A recommendation engine uses a combination of data related technologies to make recommendations to the users. Data is critical in the creation of a recommendation engine since it is the foundation from which patterns are created. It will be more efficient and effective in making appropriate revenue-generating ideas if it has more data.
Companies are launching new recommendation engine solutions in order to have a significant share in the telecom industry. For example, Envestnet released a new edition of their recommendation engine for enterprise companies in January 2021. The increased use of social media among people is also contributing to the growth of the market. Companies utilize these suggestion tools to evaluate user feelings and fill their social media pages with adverts for their own product choices.
China is among the world’s most technologically advanced countries. One of the fastest Internet bands and prominent e-commerce players like Alibaba are present in the country. In addition, China is the world's second-largest OTT market. According to the Instituto Federal de Telecommunications (Mexico), there were 68 subscriptions per 100 houses in China as of January 2020, and the rate of online video users is rapidly expanding.
The China market dominated the Asia Pacific Cloud Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $864.4 million by 2027. The Japan market is anticipated to grow a CAGR of 34.5% during (2021 - 2027). Additionally, The India market would showcase a CAGR of 36.1% during (2021 - 2027).
Based on Type, the market is segmented into Collaborative Filtering, Content-based Filtering and Hybrid Recommendation. Based on Application, the market is segmented into Personalized Campaigns & Customer Delivery, Product Planning & Proactive Asset Management and Strategy Operations & Planning. Based on Deployment Type, the market is segmented into Cloud and On-premise. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End Use, the market is segmented into Retail, BFSI, Healthcare, Media & Entertainment, Information Technology and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Recommendation Engine Market is Projected to reach USD 11.4 Billion by 2027, at a CAGR of 32.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Oracle Corporation, Microsoft Corporation, SAP SE, Salesforce.com, Inc., Adobe, Inc., Google LLC, Intel Corporation, Hewlett-Packard Enterprise Company, and Amazon.com, Inc.
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