Recommendation Engine
Global Recommendation Engines Market to Reach $11.1 Billion by 2027
In the changed post COVID-19 business landscape, the global market for Recommendation Engines estimated at US$1.6 Billion in the year 2020, is projected to reach a revised size of US$11.1 Billion by 2027, growing at a CAGR of 31.4% over the analysis period 2020-2027. Collaborative Filtering, one of the segments analyzed in the report, is projected to record a 30.1% CAGR and reach US$4.6 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Content-Based Filtering segment is readjusted to a revised 31.4% CAGR for the next 7-year period.
The U.S. Market is Estimated at $468 Million, While China is Forecast to Grow at 30.2% CAGR
The Recommendation Engines market in the U.S. is estimated at US$468 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.9 Billion by the year 2027 trailing a CAGR of 30.2% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 28.4% and 27.1% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 22.1% CAGR.
Hybrid Recommendation Segment to Record 33.3% CAGR
In the global Hybrid Recommendation segment, USA, Canada, Japan, China and Europe will drive the 33.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$335.3 Million in the year 2020 will reach a projected size of US$2.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets.
Select Competitors (Total 53 Featured) -
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook