Acknowledging the kind of growth, the Recommendation Search Engine market is witnessing currently, Market Research Future (MRFR) in its recently published study analysis, confirms that the global recommendation search engine market will reach approx. 5,900 MN USD by 2023, registering a robust CAGR over 40 % throughout the forecast period (2018 to 2023).
The recommendation search engine, a powerful tool that increases average order values, delivers personalized recommendations based on a visitor’s previous activities and other similar customers by using the Big Data analytics and other technologies. These search engines take advantages of advanced technologies such as Machine Learning and Natural Language Processing (NLP) to provide such services.
Additionally, based on the information what other customers have bought together with the item, the recommendation search engine can also suggest accessories or products the visitor might purchase or would like to buy. Recommendation search engines find a vast uptake across some of the burgeoning industries such as BFSI, healthcare, IT & telecom, media and entertainment, transportation, and retail, among others. The increasing uptake fosters the growth of the market, leading to augment the demand in the market.
Over the past few years, the burgeoning, eCommerce industry is vibrating, with increasing sales. Recommendation search engine plays a vital role in the growth that the eCommerce industry has achieved today. And, the augmenting uptake of these search engines in the sectors such as retail, BSI, healthcare, and media and entertainment acts as a major tailwind pushing up the growth of the market.
Additionally, unique capabilities that the recommendation search engines offer such as a privacy-protected personal information data impacts the market growth, positively, creating a huge demand for these abilities. Personal information data is more vulnerable to the breach of data, raising many concerns.
On the flipside, factors such as the lack of technical expertise to manage these search engines are impeding the growth of the recommendation search engine market. Nevertheless, the cloud-based recommendation search engine platform, owing to its capability to enhance the IT services and fast data accessibility, witnesses an enormous demand in large enterprises, which in turn, would support the market growth throughout the assessment period.
Global Recommendation Search Engine Market – Competitive Analysis
Still, in its embryonic stage, the recommendation search engine market is already fiercely competitive. Further, due to the presence of several large and small players the market appears to be fragmented. These players churn the competition in the market, continually bringing the updates of software.
To gain a competitive edge accounting for a substantial share in the market, these players adopt strategic initiatives such as collaboration, acquisition, partnership, product/ technology launch, and expansion.
Matured players keep innovating and investing in research and development to present cost-effective offerings. Key strategic initiatives are changing the market structure among the various players.
Fervent players driving the market for the recommendation search engine include IBM (US), Google (US), Microsoft (US), Salesforce (US), SAP (Germany), HPE (US), Intel (US), Oracle (US), Sentient Technologies (US), and AWS (US).
The North American region leads the global recommendation search engine market share with the largest market share. Factors such as the broad uptake of search engines & advancement of technology coupled with the increasing investments transpired in the field are driving the market growth in the region.
Most of the American organizations are shifting towards new and upgraded technologies with the increasing adoption of digital business strategies which, in turn, supports the market growth in the region. Furthermore, attributing to the rise in the focus of the companies to enhance the consumer experience, the region would retain its dominance over the forecast period.
The recommendation search engine market in the European region accounts for the second-largest market, globally. The regional market offers lucrative opportunities due to the rapid uptake of advent technologies in the growing number of enterprises. Countries such as Italy, France, Germany, and the UK, backed with technological advancement, positively impact the market growth in the region. Continuing with the same growth trends, the recommendation search engine market in Europe is estimated to garner exponential accruals over the assessment period.
The Asia Pacific recommendation search engine market accounts for a promising market, globally. Factors such as the growing small enterprises (SE) due to rapid digitalization and the increasing presence of over the top players (OTT) are fostering the market growth. Rapidly advancing countries such as China, Japan, and India are majorly contributing to the market growth, witnessing improving economic conditions, which, in turn, propels the growth of the regional market. Also, the spurting industrialization across the region is acting as a tailwind pushing up the growth of the recommendation search engine market in the region.
For a better understanding, the report has been segmented into six key dynamics:
By Type: Collaborative Filtering, Content-Based Filtering, and Hybrid Recommendation among others.
By Technology: Context-Aware (Machine Learning and Deep Learning, and Natural Language Processing.), and Geospatial Aware among others.
By Application: Personalized Campaigns & Customer Discovery, Product Planning, Strategy & Operations Planning, and Proactive Asset Management among others.
By Deployment: On-Cloud and On-Premise.
By End-User: BFSI, Healthcare, IT & Telecom, Media and Entertainment, Transportation, and Retail among others.
By Region: Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
Industry Related News:
May 6, 2019 —- Google Inc. (the US), a search engine giant announced that it is surfacing its recommendations beyond the recommendations page in the google ads web interface. In a new test, recommendations show on related areas in the web UI where Google Ads’ automated recommendations were seen in more places.
Google also mentioned that the reason for this proliferation is due to the new Google Ads UI that is more robust with the machine learning-powered replacement of the old Opportunities tab. Google said that it will also make those automated recommendations visible when users are in other areas of the interface.