LONDON, May 25, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s report on the digital voice recorder market forecasts the market to grow from $1.5 billion in 2022 to $1.6 billion in 2023, at a compound annual growth rate (CAGR) of more than 10%. Further, the market will reach $2.4 billion in 2027, with a CAGR of more than 10%. In terms of regional market share, North America held the largest digital voice recorder market share in 2022.
The digital voice recorder industry will benefit from an expanding application scope in online tutorials. Online tutorials have gained popularity as a self-study practice with specific learning objectives. The adoption of digital voice recording in online tutorials has increased due to various advantages such as improved call quality, cost-effectiveness, convenience, and accessibility.
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Major digital voice recorder companies include The Aigo Digital Technology Co Ltd., Cenlux Digital Technology Co Ltd., Panasonic Holdings Corporation, Hyundai Digital Tech Co. Ltd., Olympus Corporation, Koninklijke Philips N.V., Safa Media Co. Ltd., and Sony Group Corporation.
Technological advancements have emerged as a significant trend in the digital voice recorder market, with major companies introducing innovative products incorporating artificial intelligence (AI) technology to strengthen their market position.
For example, Sony Corporation, a Japan-based technology company, launched Sony's ICD-TX660 in July 2021, a new digital voice recorder equipped with AI technology. This recorder offers features that reduce background noise, enable automatic voice recording, provide a 16 GB internal memory for longer recordings, and offer convenient and efficient Chinese-language speech-to-text capabilities, achieved through a partnership with AI Speech Ltd., a local start-up.
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The global digital voice recorder industry is segmented as -
1) By Product Type: MP3, Windows Media Audio (WMA), Waveform Audio File Format (WAV), Digital Speech Standard (DSS)
2) By Recorder Interface: Bluetooth, Infrared, Universal Serial Bus (USB), Secure Digital card (SD card), Wireless
3) By Memory Size: 1 GB, 2 GB, 4 GB, 8 GB, 16 GB
4) By Battery Type: Rechargeable, AA, AAA, Lithium Ion, Other Battery Types
5) By Consumer: Voice Recording, Commercial, Interview Recording, Other Consumers
The digital voice recorder market report serves as a valuable resource for industry stakeholders, market participants, investors, and researchers seeking to gain insights into the market. By providing a comprehensive overview, highlighting key trends, and analyzing market dynamics, the report offers crucial information for strategic decision-making and spotting potential investment opportunities in this market.
Digital Voice Recorder Global Market Report 2023 by The Business Research Company provides insights on the digital voice recorder market size, digital voice recorder market segments, digital voice recorder market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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