Recommendation Engine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)
The recommendation engine market was valued at USD 4,109.81 million in the previous year. It is expected to reach USD 21,574.24 million in the next five years, registering a CAGR of 33.06% during the forecast period. With the growing number of enterprises and the rising competition among them, many companies are trying to integrate technologies, like artificial intelligence (AI), with their applications, businesses, analytics, and services. Most organizations globally are pursuing digital transformation, focusing on improving the experience of customers and employees, which is being leveraged by automation solutions.
Key HighlightsThe recommendation engine market is fragmented with the presence of major players like IBM Corporation, Google LLC (Alphabet Inc.), Amazon Web Services Inc.(Amazon.com Inc.), Microsoft Corporation, and Salesforce Inc. Players in the market are adopting strategies such as partnerships, mergers, and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
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