The ai-based recommendation system global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
AI-Based Recommendation System Market, 2024 report by The Business Research
Company offers comprehensive insights into the current state of the market and
highlights future growth opportunities.
Market Size -
The AI-based recommendation system market size has grown rapidly in recent
years. It will grow from $2.01 billion in 2023 to $2.21 billion in 2024 at a
compound annual growth rate (CAGR) of 10.1%. The growth in the historic period
can be attributed to increasing demand for personalized recommendations,
increasing data availability, demand for efficient workforce management, growth
in e-commerce, demand for cross-selling and upselling, application in education
and e-learning.
The AI-based recommendation system market size is expected to see rapid growth
in the next few years. It will grow to $3.28 billion in 2028 at a compound
annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be
attributed to rising adoption of streaming services, expansion of
recommendation systems in healthcare, compliance and regulatory requirements,
expansion of digital advertising, optimization of content delivery networks
(CDNS) . Major trends in the forecast period include personalization dominance,
real-time recommendations, adaptive learning models, multi-modal
recommendations, enhanced user feedback mechanisms, social influence analysis.
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Scope Of AI-Based Recommendation System Market
The Business Research Company's reports encompass a wide range of information,
including:
1. Market Size (Historic and Forecast): Analysis of the market's historical
performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market
landscape.
4. Key Segments: Breakdown of the market into its primary segments and their
respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and
geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting
the market.
AI-Based Recommendation System Market Overview
Market Drivers -
The expansion of digital advertising is expected to propel the growth of the
AI-based recommendation system market going forward. Digital advertising refers
to marketing through online channels, such as websites, streaming content, and
more. Digital ads span media formats, including text, image, audio, and video.
The expansion of digital advertising arises due to audience reach, targeting
capabilities, measurable results, cost-effectiveness, and personalization.
AI-based recommendation systems are used in digital advertising to enhance
targeting, personalization, and overall campaign effectiveness while driving
user engagement and conversion. For instance, according to Oracle Corporation,
a US-based computer software company, digital advertising spending worldwide is
estimated to rise from $378 billion in 2020 to $646 billion by 2024. Therefore,
the expansion of digital advertising is driving the growth of the AI-based
recommendation system market.
Market Trends -
Major companies operating in the AI-powered design tools market are focusing on
developing innovative AI solutions, such as locofy lightning, to stay
competitive and meet the evolving needs of their customers. Locofy Lightning is
a software application that utilizes artificial intelligence and machine
learning algorithms to automate converting visual design mockups or prototypes
into functional HTML, CSS, and JavaScript code for web development. For
instance, in January 2024, Locofy.ai, a Singapore-based tech company, launched
locofy lightning. This AI-powered web design-to-code tool aims to streamline
the process of converting figma designs into production-ready frontend code for
websites and mobile apps. This tool, available as a figma plug-in, automates
frontend development by generating high-quality, pixel-perfect code that is
interactive, responsive, and component-based. Additionally, it features
one-click conversion, pre-trained AI models, a design optimizer, and code
components and props. These features aim to provide developers a seamless and
efficient experience, allowing them to focus on more creative and strategic
aspects of web development while automating converting designs into code.
The AI-based recommendation system market covered in this report is segmented –
1) By Type: Collaborative Filtering, Content Based Filtering, Hybrid
Recommendation
2) By Deployment Mode: On-Premise, Cloud
3) By Application : E-Commerce Platform, Online Education, Social Networking,
Finance, News And Media, Health Care, Other Applications
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Regional Insights -
North America was the largest region in the AI-based recommendation system
market in 2023. Asia-Pacific is expected to be the fastest-growing region in
the forecast period. The regions covered in the AI-based recommendation system
market report are Asia-Pacific, Western Europe, Eastern Europe, North America,
South America, Middle East and Africa.
Key Companies -
Major companies operating in the AI-based recommendation system market are
Alphabet Inc, Microsoft Corporation, Alibaba Group Holding Limited (Alibaba),
Meta Platforms Inc., Amazon Web Services , Huawei Technologies Co. Ltd, Tencent
Holdings Limited , Intel Corporation, International Business Machines
Corporation, Oracle Corp, SAP SE, Netflix, Hewlett Packard Enterprise (HPE),
Salesforce Inc, Adobe Inc., Sentient Technologies, RecomTech, Kibo Commerce,
SmartRecs, AIRecom, IntelliChoice, Unbxd Inc., Coveo Solutions Inc., Algonomy
Software Pvt. Ltd., Recolize GmbH, Dynamic Yield Inc., IntelliSuggest,
RecomAId, SuggestAI, AIAdvise
Table of Contents
1. Executive Summary
2. AI-Based Recommendation System Market Report Structure
3. AI-Based Recommendation System Market Trends And Strategies
4. AI-Based Recommendation System Market – Macro Economic Scenario
5. AI-Based Recommendation System Market Size And Growth
…..
27. AI-Based Recommendation System Market Competitor Landscape And Company
Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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