Artificial intelligence based personalization market 2023-2027; A descriptive analysis of the five forces model, market dynamics, and segmentation

 NEW YORK, Jan. 18, 2023 /PRNewswire/ — According to Technavio, the global artificial intelligence based personalization market size is estimated to grow by USD 2541.4 million from 2022 to 2027. The market is estimated to grow at a CAGR of 20.45% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 35%. For more Insights on market size, Request a sample report

Artificial intelligence based personalization market – Five Forces
The global cloud data warehouse market is fragmented, and the five forces analysis covers–

• Bargaining Power of Buyers

• The threat of New Entrants

• Threat of Rivalry

• Bargaining Power of Suppliers

• Threat of Substitutes

• Interpretation of porter’s five models helps to strategize the business, for entire details – buy the report!

Artificial intelligence based personalization market – Customer Landscape 

The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Artificial intelligence based personalization market – Segmentation Assessment

Segment Overview
Technavio has segmented the market based on application (website personalization, display ads personalization, social media personalization, e-mail personalization, and others), technology (machine learning, deep learning, and natural language processing), and geography (APAC, North America, Europe, South America, and Middle East and Africa).

• The market share growth by the website personalization segment will be significant during the forecast period. Enterprises are increasingly focusing on website personalization to attract new customers. It serves as an effective way of providing customized information to a targeted group. Website personalization also increases the conversion rates of new visitors and the retention rate of existing customers more effectively.

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Geography Overview
By geography, the global artificial intelligence based personalization market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global artificial intelligence based personalization market.

• APAC is estimated to contribute 35% to the growth of the global market during the forecast period. The region is home to many developing countries, which is immense opportunities for vendors to expand their business. Many startups companies focused on providing AI-based solutions are emerging in the region. In addition, the increasing dependence on AI by healthcare, telecom, electronics, manufacturing, and other are driving the growth of the artificial based personalization market in APAC.

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Artificial intelligence based personalization market – Market Dynamics

Key factor driving market growth

• The market is driven by high unsubscribe rate for mass marketing.

• The unsubscribe rate in mass marketing is high as customers who are not interested in the product or service tend to opt out.

• This has created the need for personalization of messages. The process uses artificial intelligence and machine learning algorithms to send messages to customers based on their previous orders, clicks, and time spend on pages, and interests of similar visits.

• This approach results in high click and conversion rates when compared with mass marketing. Also, the unsubscribe rate is comparatively lower in AI-based personalized messages.

Leading trends influencing the market 

• Advances in AI and ML is identified as key trend in the market.

• The use of AI is raising marketing standards, ranging from traditional stores to websites and from chatbots to voice assistants, which is changing the conventional shopping experience of customers.

• Technologies such as AI and ML have disrupted the e-commerce industry with smart solutions such as advanced visual search engines, personalized recommendations, and chatbots.

• Many brands are using AI to personalize their customers’ experiences. When users click on the products they are interested in, AI-powered tools analyze the user behavior in real-time to serve them with similar and relevant products.

• This provides a seamless shopping experience for customers, which improves both sales and customer satisfaction.

Major challenges hindering market growth

• The lack of skilled resources and technological know-how is the major challenge in the market.

• Most marketers face a lack of relevant resources and technology to personalize.

• Some marketers find it difficult to use the available technology in a manner to connect their business and provide appropriate personalization.

• This is creating uncertainties in the implementation of AI-based personalization services.

Driver, Trend, and Challenges are the factors of market dynamics that state about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this artificial intelligence based personalization market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the artificial intelligence based personalization market between 2023 and 2027

• Precise estimation of the size of the artificial intelligence based personalization market size and its contribution to the market in focus on the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the artificial intelligence based personalization market industry across APAC, North America, Europe, South America, and Middle East and Africa

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of artificial intelligence based personalization market vendors

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Table of contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Application

7 Market Segmentation by Technology

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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