Recommendation search engine is a powerful tool that increases average order values, using the Big Data delivers personalized recommendations based on a visitor’s previous activities and other similar customers. Providers Recommendation search engine in addition to other things can suggest accessories or products the visitor is about to purchase, based on what other customers have bought together with the item.
These search engines use technologies such as Machine Learning and Natural Language Processing (NLP) to provide such services. Recommendation search engines find a vast uptake across some burgeoning industries such as BFSI, Healthcare, IT & Telecom, Media and Entertainment, Transportation, and Retail among others. This, in turn, drives the market growth of these search engines.
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Major Key Players
- Google (US),
- IBM (US),
- Microsoft (US),
- SAP (Germany),
- Salesforce (US),
- HPE (US),
- Oracle (US),
- Intel (US),
- AWS (US),
- Sentient Technologies (US).
The prominent players keep innovating and investing in research and development to present cost-effective offerings. Merger and acquisitions among the various players are changing the market structure. For instance, Google has acquired Jetpac, makers of an app that recommends destinations based on an analysis of publicly shared Instagram photos. The technology works automatically, extracting information from large numbers of publicly available photos instead of relying on curation or other human processes.
According to MRFR, The global Recommendation Search Engine market is expected to reach approximately USD 5,900 Million by 2023 growing at a ~40% CAGR over the forecast period 2018-2023.
Industry/Innovation/ Related News:
Pinterest (US), a Social network and search Engine Company launched product recommendations for easier shopping. Pinterest functionality is versatile as it works as a powerful search engine. Hence, the targeting is based on keywords, and, the recommendation tool like Shop the Look and Lens that helps in figuring out the needs of consumers.
Mozilla Corporation (US), a leading global provider of Internet solutions and search engines such as Firefox announced the testing of a commercial VPN offering for a subset of users of Firefox 62 in the U.S. The company has not created its own VPN network but has partnered up with the ProtonVPN (Sweden), a VPN provider to use the established network of the provider.
The geographical analysis of Recommendation Search Engine market is studied for North America, Europe Asia Pacific and the rest of the world.
North America is expected to dominate the Recommendation Search Engine market during the forecast period as many organizations are shifting towards new and upgraded technologies with the increasing adoption of digital business strategies. Also due to the rise in the focus of the companies to enhance consumer experience is major driving for the growth of Recommendation Search Engine Market. Asia Pacific is expected to grow at a faster rate due to rapid digitalization and the increasing presence of over the top players (OTT).
On the basis of type, the market is segmented into Collaborative Filtering, Content-Based Filtering, Hybrid Recommendation. Collaborative Filtering is expected to grow at the highest CAGR during the forecast period. This model uses the collaborative power of the ratings provided by multiple users to make recommendations. Collaborative filtering approach doesn’t need a representation of items in terms of features, it is based only on the judgment of the participating user community which is an advantage. Several industries such as Retail, Media & entertainment, and others have deployed recommendation systems powered by AI and Big data for various applications such as personalizing campaigns.
On the basis of Technology, market is segmented into Context-Aware and Geospatial Aware. Context-aware technology is expected to dominate the market as it helps in giving diverse and accurate recommendations to the user. The contextual information includes the location of the user, Identity of people around, date, season, temperature etc. For instance, a website may recommend songs to a user by asking the current mood of the user.
On the basis of Application, market is segmented into Personalized Campaigns and Customer Discovery, Product Planning, Strategy and Operations Planning, Proactive Asset Management. Personalized campaigns and customer discovery application is expected to account for the largest market size during the forecast period. The more the recommendation system
knows about user’s profile, the better it can help to provide customized search results, recommendations or ads.
On the basis of Deployment Mode, market is segmented into On-cloud and On-premise. The Cloud deployment mode is expected to dominate the market due to high adoption of cloud technologies by SMEs as it is simple, efficient & cost effective.
On the basis of End Users, the market is segmented into Media and Entertainment, Retail, Banking, Financial Services, and Insurance, Transportation, Healthcare, and others. Retail Sector is expected to be a strong contender in Recommendation search engine market.
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- AI recommendation engine software and platform providers
- Training and consulting service providers
- AI System integrators
- Recommendation Search Engine vendors
- Government Agencies
- Managed service providers
- Research organizations
- Value-added Resellers (VARs)
List of Tables
Table 1 Recommendation Search Engine Market: By Region, 2018-2023
Table 2 North America Recommendation Search Engine Market: By Country, 2018-2023
Table 3 Europe Recommendation Search Engine Market: By Country, 2018-2023
Table 4 Asia Pacific Recommendation Search Engine Market: By Country, 2018-2023
LIST OF FIGURES
FIGURE 1 Global Recommendation Search Engine Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis of Global Recommendation Search Engine Market
FIGURE 4 Value Chain of Global Recommendation Search Engine Market
FIGURE 5 Share of Recommendation Search Engine Market in 2018, by country (in %)
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