With the presence of a copious number of companies, the global market for digital voice recorder is fragmented with intense competition. In this scenario, top companies are aggressively engaged in technological advancements to serve ever-changing consumer demand, for which they are investing heavily in this market. In the years ahead, these players are likely to concentrate on regional expansion, for which they might resort to business alliances with regional players.
Key companies operating in the digital voice recorder market include Sony Corp., Hyundai Digital Tech Co Ltd., Zoom Corp., Panasonic Corp., Olympus Corp., Leap Investment Ltd., Zoom Corp., Royal Philips NV, Shenzhen Hnsat Industrial Co. Ltd., and Noel Leeming Group Ltd.
As per a research report by Transparency Market Research (TMR), the global digital voice recorder market is likely to be valued at US$1.91 bn by 2022 from US$1.15 bn in 2017. This rise alludes to 11.50% CAGR over the 2017-2022 forecast period. By component of the recorder, Bluetooth, USB, infrared, and SD card are the segments into which this market is classified. The USB segment, among these, is currently displays the leading demand and is likely to continue to remain at the lead over the forecast period, rising at a CAGR of 11.30% CAGR between 2017 and 2022.
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In terms of type of battery, AA, AAA, lithium ion, and rechargeable are the segments into which the digital voice recorder market is divided. By end user, residential and commercial are the segments of the digital voice recorder market. Geography-wise, North America currently accounts for maximum share in the global digital voice recorder market; the segment is predicted to stay at the fore rising at a CAGR of 14.50% between 2017 and 2022. The region being home to some leading vendors accounts for growth of North America digital voice recorders market. Factors such as ever-increasing demand for high quality products and swift uptake of technologically advanced devices in security and investigation practices realms are anticipated to drive the market in the upcoming years.
Growth of the Entertainment Industry Boosts Market
Firstly, the exponential growth of the entertainment industry is the key factor behind the growth of the digital voice recorder market. With the increasing number of live concerts and stage performances, along with the rising audience pool, there has been a tremendous surge in the demand for digital voice recorders.
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Digital voice recorders are handheld device that are used to record voice and sound with better-quality sound recording and playback. The sound file created on the recorder is directed in a document framework on an internal hard drive or removable flash drive that can be transferred to a PC for interpretation, playback, or sound-altering. Digital voice recorder allow immediate sharing, which is why their demand among end users is on the surge.
Emergence of Online Tutoring Boosts Demand
The emergence of online tutoring is also stoking demand for digital voice recorder for recording lectures. The sound file is created in WMA, DSS, WAV, DS2, and MP3 formats.
Moreover, increasing investments from vendors to develop novel products, which are technologically-advanced too, is serving to boost the digital voice recorder market.