Recommendation Engine Financial Services Market to Grow at a CAGR of 36.8% during 2021-2028

Market Size – USD 344.2 Million in 2020, Market Growth – at a CAGR of 36.8%, Market Trends – Growth in digitalization in financial industry and growth in use of technology to analyse bulk complex data propels the Market

The global recommendation engine for financial services market has registered US$ 344.2 million in 2020, and projected to reach at US$ 4073.5 million by 2028, according to recent study done by Eternity Insights. The recommendation engine algorithms capture the past behavior and product searches of the customer or analyze the customers personal information and will recommend financial products based on similar likes from other peers who would have approximate same likes or personal demographic history.

One of the key benefits of the Recommendation engine is increased user satisfaction. It allows users to reduce its customers’ path to a sale by recommending them an appropriate option sometimes even before they search for it. Moreover, interactive and responsive websites with features such as Chabot's help users to communicate more and allow users to spend more time on the system since there is no human intervention and users can ask any type of questions freely. Thus, customers tend to spend more time on websites which increases the familiarity with the brand and financial website, thereby increasing the probability to make future purchases. Moreover, apart from this, a recommendation system also helps in re-engaging the customers., The automated powered emails can offer discounts or coupons and re-engage customers which further increases customer probability of conversion.          

Key Highlights

• Some of the prominent companies involved in global recommendation engine market includes Adobe, Google LLC, Hewlett Packard Enterprise, IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle, Salesforce, SAP SE and ABAKA Holdings Ltd.
• Financial institution companies mostly collaborate with big tech organisation as these companies has more collective experience of dealing with application security and aware about all the regulatory awareness with respect to finance. Besides this, the giant tech firms have large bandwidth of highly skilled employee which can handle any complex requirements of the clients and can deliver the requirements in time. with the advancement in the analytics across AI-based platforms, new players are increasing their market presence thereby expanding their business footprint across the emerging economies.
• In October 2020, Abaka has partnered with Intel Corporation for improving its Artificial intelligence offering and capitalize on increasing demand from financial firms for personalizing the customer experience cost-effectively.
• In June 2021, Microsoft Corporation and Morgan Stanley started collaboration in a strategic cloud partnership for supporting latter’s digital transformation and propel financial services industry forward by bringing together the world-class technology solutions and engineering firms.

To get leading market solutions, visit the link below: https://www.eternityinsights.com/report/recommendation-engine-for-financial-services-market

Market Segmentation

• Product Type Outlook (Revenue, US$ Million; 2017–2028)
  • Collaborative Filtering
  • Content-Based Filtering
  • Hybrid Recommendation
• Deployment Model Outlook (Revenue, US$ Million; 2017–2028)
  • On-Premises
  • Cloud Based
• Technology Outlook (Revenue, US$ Million; 2017–2028)
  • Machine Learning & Deep Learning
  • Natural Language Processing
  • Geospatial Aware
• Region Outlook (Revenue, US$ Million; 2017–2028)
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K
    • Germany
    • France
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of MEA
  • Latin America
    • Brazil
    • Rest of Latin America