North America Recommendation Engine Market Size, Share & Industry Trends Analysis Report By Type, By Application, By Deployment Type, By Organization Size, By End Use, By Country, Historical Data and Growth Forecast, 2021 - 2027
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Market Report Description
The North America Recommendation Engine Market would witness market growth of 30.6% CAGR during the forecast period (2021-2027).
Collaborative filtering is one of the major kind of recommendation engine, which is the process of gathering and analyzing data on user behavior, activities, and preferences in order to forecast what a user will like based on their similarities to other users. In addition, collaborative filtering uses a matrix-style method to plot and calculate these similarities. This type of recommendation engine has the advantage of not requiring the content to be analyzed or understood.
With the use of machine learning and artificial intelligence algorithms, the IT industry is gradually adopting recommendation engines to construct product recommendation chatbots. For example, Gnani.ai, provides a tailored suggestion chatbot based on the user's preferences and chat history. This attracts more buyers to the sales funnel's final stage.
Several consumers across this region prefer shopping based on recommendation since it takes less time for them to deep search the products they require. Along with that, the growing population of millennials and Gen Z is significantly supporting the recommendation engine’s demand since they are highly preferring online platforms and sites that prefer suggestions and automatically play music or videos as per the last played track or video.
The US market dominated the North America Recommendation Engine Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $2,776.7 million by 2027. The Canada market is expected to witness a CAGR of 33.6% during (2021 - 2027). Additionally, The Mexico market is expected to witness a CAGR of 32.4% 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 U.S., Mexico, Canada, and Rest of North America.
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.
Scope of the Study
Market Segments Covered in the Report:
- Collaborative Filtering
- Content-based Filtering and
- Hybrid Recommendation
- Personalized Campaigns & Customer Delivery
- Product Planning & Proactive Asset Management and
- Strategy Operations & Planning
By Deployment Type
- Cloud and
By Organization Size
- Large Enterprises and
- Small & Medium Enterprises
By End Use
- Media & Entertainment
- Information Technology and
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- IBM Corporation
- Oracle Corporation
- Microsoft Corporation
- SAP SE
- Salesforce.com, Inc.
- Adobe, Inc.
- Google LLC
- Intel Corporation
- Hewlett-Packard Enterprise Company
- Amazon.com, Inc.
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