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Organizations of all sizes are embracing product and service personalization as a core element of their marketing and customer engagement strategies. This shift is fueled by advancements in natural language processing, machine learning, and artificial intelligence. These technologies empower the creation of personalized web and mobile applications, customized web and ad experiences, and voice-driven virtual assistants. AI-driven personalization has become a cornerstone for various industries, including retail, online businesses, media, finance, and healthcare, leading to the rapid expansion of the AI-driven personalization market.
As of 2022, the Artificial Intelligence-based Personalization Market reached a value of USD 419.24 Billion. Projections indicate continuous growth, with the industry expected to reach USD 634.34 Billion by 2032, showcasing a compound annual growth rate (CAGR) of 4.30% during the forecast period (2023-2032).
Several trends define the landscape of AI-based personalization:
Adoption of Artificial Intelligence: AI technologies are increasingly underpinning personalization solutions. In the era of mobile technology, in-store shopping, and IoT, AI-based personalization proves more effective and accurate than human-driven alternatives.
Big Data and Enhanced Analytics: The utilization of big data and analytics provides valuable insights into customer preferences, enabling businesses to make informed strategic decisions and tailor their offerings. AI-powered analytics offers quicker, more accurate, and cost-effective analyses of customer data, facilitating personalized experiences that enhance customer engagement.
Rising Interest in Real-Time Personalization: Real-time personalization gains popularity as businesses aim to deliver updated content and products precisely tailored to individual customer needs. AI algorithms enable the swift detection of changes in customer preferences, allowing for personalized experiences at scale.
Solutions: Software services dominate the market, driven by the growing adoption of cloud-based solutions and services. This segment is expected to maintain its dominance, owing to cost-effectiveness, scalability, and user-friendly interfaces.
End-Use Verticals: The retail and e-commerce sector leads in the AI-based personalization market, focusing on delivering personalized consumer experiences at scale. The media and entertainment segment is also on the rise due to its shift towards digital offerings.
As of 2020, North America holds the highest market share, attributed to the prevalence of AI and Big Data technologies in the region. Major players like IBM and Adobe further contribute to its market dominance. Europe and Asia-Pacific are emerging markets, with Europe investing significantly in digitalization, and Asia-Pacific showcasing great potential due to its fast-growing economy and large consumer base.
Prominent players in the AI-based personalization market include:
· IBM Corporation
· Adobe Inc.
· Oracle Corporation
· Salesforce.com Inc.
· SAP SE
· Microsoft Corporation
· Google LLC.
These companies offer diverse solutions and platforms for businesses to personalize their offerings.
The market is highly fragmented, with numerous players striving for a competitive edge through product launches and innovative solutions. Recent examples include IBM's "Refine Machine Learning Model" and Adobe's "Adobe Target" platform, both designed to enhance AI models and deliver real-time personalized experiences.
AI-based personalization is gaining momentum as businesses recognize its potential to provide superior customer experiences and insights into preferences. The fragmented market presents a lucrative opportunity for innovative solutions, driving competition and fostering continuous advancements in AI-driven personalization.
The global Artificial Intelligence-based Personalization market size was estimated at USD 419.24 Million in 2022 and is expected to reach USD 634.34 Million in 2032.
The global Artificial Intelligence Based Personalization Market is projected to grow at a CAGR of 4.30% during the forecast period, 2023-2032.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65380
Published on :
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