Market Size and Growth:
- Artificial Intelligence Based Personalization Market Size was valued at USD 440.8 Billion in 2022. The Artificial Intelligence Personalization market industry is projected to grow from USD 461.9 Billion in 2023 to USD 672.19 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.80% during the forecast period (2023 – 2032).
- Rising customer expectations: Customers today demand personalized experiences, and businesses need AI to meet these expectations effectively.
- Increased data availability: Businesses have access to more data than ever before, which AI can analyze to understand customer preferences and behaviors.
- Advancements in AI technology: Continuous advancements in AI techniques like machine learning and natural language processing make personalization more precise and effective.
- Growing need for omnichannel personalization: Customers interact with brands across various channels, and AI helps deliver consistent and personalized experiences across all touchpoints.
- Improved marketing ROI: AI-powered personalization can lead to higher engagement, conversion rates, and customer lifetime value, enhancing marketing ROI.
Key Players:
- Bounteous, Inc.
- Adobe Systems Inc.
- Accenture
- Copyright Blueshift Labs, Inc.
- H2O.ai.
- Infinite Analytics
- Amazon.com, Inc.
- Crownpeak Technology, Inc.
- Apple Inc.
- Alphabet Inc.
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Market Segmentation:
The global Artificial Intelligence Based Personalization market segmentation, based on type includes website personalization, display ads personalization, social media personalization, e-mail personalization, and others. The website personalization segment dominated the market, accounting for the maximum of market revenue because businesses must customize their websites to each customer’s wants. The best approach to deliver tailored content to a specific audience is through website personalization, which can also effectively raise new visitor conversion rates and retention rates. The best way to advertise in the retail industry when it comes to online grocery, clothing, and accessory shopping- think shoes, belts, and sunglasses- is through websites.
Market Trends:
Market CAGR for artificial intelligence based personalized is driven by the rising rate of mass marketing. The advertising of a single good or service to all final customers, irrespective of their preferences and purchase patterns, is known as mass marketing. Email, direct mail, and push notifications on mobile devices are all options for notifying recipients. There is a high order rate in mass marketing. When they receive too many tokens, a significant portion of email recipients unsubscribe from the communications. Message configuration is required due to client behavior. The necessity for message personalization and the high mass marketing subscription rate drive the demand for AI-based message personalization.Additionally, the market for based personalization is expanding due to rising customer data creation and increased online activity utilization. As a result, businesses have greater options to use the extra data and provide their customers with more individualized experiences. By lowering the need for human labor and facilitating more focused marketing campaigns, personalization can help businesses save money.
Future Outlook:
The AI-based personalization market is projected to witness continued rapid growth in the coming years. With advancements in AI technology and increasing customer demand for personalization, businesses across industries will continue to adopt AI-powered solutions to create engaging and tailored experiences. However, addressing ethical concerns and ensuring responsible use of AI will be crucial for sustainable market growth.
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