Global Digital Voice Recorder Market: Snapshot
The global market for digital voice recorder is witnessing a noticeable surge in its valuation, thanks to the remarkable rise in the entertainment industry across the world. Vendors are increasing their investments in this market for the technological advancement of their products, which is likely to propel it significantly in the years to come. Apart from this, the augmenting number of live programs and the rise in the audience pool, worldwide, are also expected to contribute substantially to this market over the next few years.
By 2017, the opportunity in the global digital voice recorder market is anticipated to reach US$1.15 bn. Progressing at a CAGR of 11.50% between 2017 and 2024, the market is likely to worth US$1.91 bn by the end of 2024.
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USB to Surface as Leading Component Segment
The worldwide market for digital voice recorders is evaluated on the basis of the components of the recorder, type of battery, and the end user. Based on the components of the recorder, the market is classified into Bluetooth, infrared, USB, and SD card. Among these, the USB segment has been leading this market and is expected to remain on the top over the next few years, expanding at an 11.30% CAGR between 2017 and 2024.
By the type of the battery, the market is categorized into AA, AAA, rechargeable, and lithium ion. On the basis of the end user, the market is bifurcated into the residential and the commercial sectors.
North America to Lead Global Digital Voice Recorder Market
Asia Pacific excluding Japan (APEJ), Europe, North America, Latin America, the Middle East and Africa (MEA), and Japan are the prime geographical segments of the worldwide market for digital voice recorders. In terms of value, North America have been leading this market over the last few years and is predicted to continue it further at a CAGR of 14.50% between 2017 and 2024. The presence of a large pool of established vendors of digital voice recorders is the main factor, which is boosting the North America market for digital voice recorders substantially. Over the coming years, this regional market is anticipated to be propelled by the increasing preference for high quality products among consumers. The escalating usage of technologically advanced products for security and investigation purposes and the augmenting demand for action cameras is also expected to the drive the market in the near future.
Europe, which is at the second position in this market, is projected to maintain its position over the next few years, thanks to the significant rise in the entertainment industry in this region. However, Asia Pacific excluding Japan is anticipated to surface as the most promising regional market for digital voice recorders over the forthcoming years. The increasing number of live performances in emerging economies, such as India and China are expected to propel the APEJ market for digital voice recorders, which is poised to create an absolute opportunity worth US$110.5 bn during the period from 2017 to 2024.
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The global market for digital voice recorders is highly competitive in nature. Sony Corp., Leap Investment Ltd., Hyundai Digital Tech Co. Ltd., Samsung Electronics Co. Ltd., Zoom Corp., Royal Philips NV, Panasonic Corp., Noel Leeming Group Ltd., Shenzhen Hnsat Industrial Co. Ltd., and Olympus Corp. are some of the leading vendors of digital voice recorders across the world.
Future Product Innovations in Digital Voice Recorder Market to See Software Advancements
Voice recorders have made rapid technological strides in relation to portability, storage capacity, and digitization of the data stored. The digital voice recorders market has seen an incessantly growing array of recording technologies that can be used in live recordings and numerous applications in the media and entertainment industry. Advances in the designs continue to attract users and prospective buyers to use digital voice recorders in range of commercial and educational facilities. The ability of the user to transfer the file recordings digitally and the feature of remote functionalities are two of the several characteristics that shape the key consumer propositions in the digital voice recorders market. Software for smart noise cancellation is another key attraction point. Coupled with this, several new price points have come to the fore, thereby boosting the expansion of the market. Manufacturers are keen on improving the battery capacities, providing freedom to expand the storage capacity with micro SD cards, along with the huge on board storage. Thus, the use of these in recording educational and training sessions and concerts has grown over the years, thereby endowing rewarding opportunities to the players in the market ecosystem. Advances in software will enable device manufacturers integrate new features.
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The COVID-19 pandemic has led to some severe disruptions to the demand for digital voice recorders from the large-scale restrictions on live concerts and programs. The pandemic-led lockdowns on schools and colleges and entertainment events also put a large snag on the application of digital voice recording. This has changed the demand dynamics of the digital voice recorders market for a brief period in 2024. With time, the improving macroeconomic fundamentals in some countries in developing as well as developed world have expanded the market avenues in recent months. Further, manufacturers have begun focusing on innovation in product development lifecycle and are keen on meeting the emerging consumer demands in all sectors. Most players are likely to benefit from the efforts of governments to improve the supply chain dynamics and removing trade barriers.
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