The demand within the global digital voice recorder market is treading along an ascending trajectory in recent times. The importance of a sound conversion device in multiple industries has paved way for the development of resilient digital voice recorders. These recorders offer the option of storing recorded audio and sound as a digital file. Besides, the ability to play this digital file on multiple devices has also popularised digital voice recorders.
Therefore, the total volume of revenues within the global digital voice recorder market shall increase as the electronics industry achieves digital maturity. Moreover, current-day voice recorders are equipped with new features that can convert an audio file into multiple formats. This helps individuals who need to play the audio file on multiple devices and in differing media.
A report by Transparency Market Research (TMR) predicts that the global digital voice recorder market would grow at a formidable CAGR of 11.50% over the period between 2017 and 2024. The total value of the global voice recorders market is set to touch US$1.91 bn by 2024-end, rising up from a value of US$1.15 bn by 2017. The stellar growth rate of this market can be attributed to advancements in digital technologies. Investments in electronic research have paved way for the inflow of fresh revenues into the global digital voice recorders market.
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In the contemporary times, the relevance of digital voice recorders is well-known across all major industries. Popularity of smartphone devices and tablets has given an impetus to market growth and maturity. These devices are equipped with compact digital voice recorders that can store audio in multiple formats. Manufacturers of digital devices are looking for new ways of fostering adaptability and compatibility in their products. This trend shall result in increased use of digital voice recorder in the times to follow. Furthermore, the electronics industry is investing heavy amounts in research and development. These investments could be directed towards developing efficient, effective, and resilient digital voice recorders.
Entertainment Industry at the Forefront of Market Growth
The entertainment industry is a prominent consumer of digital voice recorders. The use of voice recorders with noise-cancellation, sound enhancement, and other important features has increased across the entertainment industry. Furthermore, recording studios are equipped with digital voice recorders with premium features. Therefore, the revenue index of the global digital voice recorder market is set to improve in the years to follow. Majority of digital voice recorders are portable, chargeable, and can function with minimal use of electricity. The availability of such high-utility recording devices shall drive demand within the market.
Some of the leading vendors operating in the global digital voice recorder market are Hyundai Digital Tech Co. Ltd., Leap Investment Ltd., Samsung Electronics Co. Ltd., Royal Philips NV, and Zoom Corp.
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The review is based on TMR’s report titled, “Digital Voice Recorder Market (Recorder Components – Bluetooth, Infrared, USB, and SD Card; End User – Residential and Commercial; Battery Type – Rechargeable, AA, AAA, and Lithium Ion) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2024”.
