Recommendation-Search Engine Market Scope

Global Recommendation-Search Engine Market Size, Forecast, and Trend Highlights Over 2022 - 2031  

The global recommendation-search engine market is estimated to garner a revenue of USD 54.0 billion by the end of 2031 by growing at a CAGR of ~37% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 3.0 Billion in the year 2021. The growth of the market can be attributed to the rising digital transformation around the world. According to the World Bank, the digital economy accounted to 15.5 percent of the total world GDP.

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Recommendation-Search-Engine is a system that makes suggestions related to search history, customer profiles, and inventory metadata. In other words, while search engines help users find what they want, recommendation systems help users find more of what they like or relevant alternatives. They have become significantly important as they provide detailed reports which is not only accurate but also up-to-date and thereby facilitate informed decisions about the direction of a campaign or the structure of a product page or any general query. The algorithms used to recommend the most relevant items are divided on the basis of three types, such as collaborative filtering, content-based filtering, and hybrid recommendation systems. Moreover, the recommendation search engine enables e-commerce users to suggest items on the basis of their behavior, such as search history, customer profiles, and others. More than 2 billion people across the globe purchased goods or services online in the year 2020.

Global Recommendation-Search Engine Market: Growth Drivers and Challenges

Growth Drivers

• Increase in the Number of Internet Users– The increase in the number of internet users is projected to boost the growth of the global recommendation search engine market. According to the World Bank, the total percentage of internet users has increased from 40 percent in 2015 to 60 percent in 2020.

• Surging Social- Media Trend– The advertisements, and posts will be displayed on social media sites on the basis of the consumers’ past searches with the help of a recommendation search engine.  In the year 2021, there are more than 4 Billion people worldwide are actively using social media.

• Increasing Shift to Online Shopping After COVID-19 – The increasing shift to online shopping is anticipated to surge the growth of the global recommendation-search engine market. More than 50 percent of the total population went online shopping after the pandemic.

• Rise in the Number of New Business Applications– The rise in the number of new businesses is expected to increase the growth of the global recommendation search engine market by converting shoppers into customers. As per the United States Census Bureau, the business applications for July 2022 accounted for 425, 698 representing a 3.7 percent increment from June 2022.

Challenges

• High Investment Requirement

• Rising Concerns Related to the Customer’s Personal Information

• Lack of Technical Expertise for Operating Recommendation Search Engine

The global recommendation-search engine market is segmented and analyzed for demand and supply by the end-user industry into media & entertainment, IT & communication, BFSI, healthcare, and others. Out of these, the retail segment is expected to hold the largest share over the forecast period owing to the rising adoption of search engines by retail and e-commerce enterprises in order to survive in the competitive industry. For instance, e-retail sales in the year 2020 increased by more than USD 4.0 trillion around the world.

Global Recommendation-Search Engine Market Regional Synopsis

Regionally, the global recommendation-search engine market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these, the market in the North America region is projected to hold the largest market share by the end of 2031 on the back of an increasing shift from traditional to digital strategies by businesses.

The market in the Asia Pacific region is anticipated to witness the fastest growth over the forecast period owing to the increasing online shopping trend followed by the rise in the population percentage. For instance, the population of India increased to 1.39 billion in the year 2021.

Market Segmentation

Our in-depth analysis of the global recommendation-search engine market includes the following segments:

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Key Companies Dominating the Global Recommendation-Search Engine Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global recommendation-search engine market that are included in our report are IBM Corporation, Google LLC (Alphabet Inc), Amazon Web Services Inc, Microsoft Corporation, Salesforce.com Inc, Unbxd Inc, Oracle Corporation, Intel Corporation, Hewlett Packard Enterprise Co., Adobe Inc., and others.

Global Recommendation-Search Engine Market: Latest Developments

• September, 2018: IBM Watson Media: The company has teamed up with IRIS.TV, a cloud-based personalized video programming system to launch Video Recommendations. It is a new AI content personalization engine designed to help publishers boost viewer engagement through highly relevant video programming recommendations.

• March, 2022 Adobe Inc., New capabilities powered by Adobe Sensei, Adobe’s artificial intelligence (AI) engine, that are embedded throughout Adobe Experience Cloud have been announced by the company. The AI capabilities announced include product recommendations, live search results, intelligent budget forecasting and allocation, cross-channel budget optimization, and intelligent content creation and delivery.

Key Reasons to Buy Our Report

• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessments for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.   

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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