Digital Voice Recorder Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3422
Digital Voice Recorder Market size is expected to grow at an exponential CAGR in the forecast timespan due to increasing integration of connectivity and extended functionalities with the growing trend of IoT. These devices are integrated with multiple functionalities such as music players, extension for SD card, USB jack for computer connectivity, and FM players. The digital voice recorder market has tremendous opportunities in the consumer electronics market due to the extensive use of electronics devices. With the extensive use of these devices, there is an increase in the range of Wi-Fi networks across the globe due to which these applications are accessible, accelerating the growth of the market.
The users are constantly connected to the IoT technology and internet due to the growing variety of electronic devices apart from smartphones. Also, with the growing emergence of Wi-Fi-enabled devices, several applications are being developed and introduced in these devices. Besides providing basic applications of sound and messaging, these devices are coming up with added functionalities, such as social networking applications, gaming, video recorder, file transferring, online shopping, food ordering, GPS navigation, and fitness applications, embedded in electronic devices. Voice recorder is one of the applications, which is widely used today for several purposes such as recordings, messaging, storing information, etc.
One of the key challenges in the digital voice recorder market is the quality issue. Most of the devices are not able to produce a good quality recording. There is either disruption or some background noise. Also, there are problems of low battery life, which becomes a challenge in recording for a long run. Another loophole faced is privacy and security issues, where there is a possibility of virtual theft of a confidential or private recording. To overcome these barriers, competitors are constantly coming up with new functionalities to sustain the digital voice recorder market.
While the features of audio capturing come inbuilt in various devices such as laptops, tablets, smartphones, etc., separate devices for solely recording purposes are also available in the market. These devices are usually used by creative professionals and professionals from legal, medical, and corporate. The users can record their memos and information. The major industry that drives the digital voice recorder market is consumer electronics. Sending audio clips has become one of the convenient ways of conversing nowadays. As it reduces the hassles of time consumption the popularity of this feature has increased widely.
Industries, such as legal and medical, also create a demand for the digital voice recorder market by using the recording device extensively. For instance, doctors use it to record and store a patient’s information during a procedure, whereas attorneys & lawyers also use it to prepare for their cases or store an important piece of information, which further helps them to access it in the future, avoiding falsification of information. The digital voice recorder market is also driven by businessmen and journalists. These professionals use recording devices to create digital documents instead of taking down notes manually. The advantage in recording the information is that one can access the same information in or a memo even in the future without any modification. This also reduces the manual work of writing down notes and helps to access the correct information. Owing to these advantages, there is a high demand for the market. The companies, such as Apple and Google, have already integrated voice recording applications with iOS and Android.
The increasing use of electronics devices has propelled the digital voice recorder market over the past few years. In the Asia Pacific region, the countries including China and India are significant in driving the demand for the digital voice recorder market, due to the growing population. Users are increasingly demanding innovative technologies for convenience and to make their lives better. Due to the low cost, electronic devices with innovative technologies are easily accessible to every user. Therefore, the consumer electronics market in the Asia Pacific region plays a major role in anticipating a high demand for the market.
Prominent players in the digital voice recorder market are Sony, Philips, and Olympus, which are the leading manufacturers of intelligent devices. Owing to the growing demand in the digital voice recorder market, major players are constantly coming up with new functionalities to sustain in the competitive market. For instance, Philips introduced a voice recorder with superior quality, which aids in transferring files into another device. The companies in the market are increasingly investing in research & development to combat the growing competition. Olympus designed a digital device with new features where one can erase the recording partially or completely, add another file, and overwrite the existing information. A unique feature in this device is that users can encrypt their files and use passwords for security purposes. Sony Corporation is one of the prominent players in the digital voice recorder market since its cassette tape Walkman of film tapes to today’s digital AV recorders. Sony has products in many varieties including audio recorders and other voice recording accessories such as bands and wrist watches in the digital voice recorder market. Sony came up with a device having a large inbuilt memory space along with extension for a memory card, which increases the recording time. Also, its batteries are rechargeable and automatically adjusts to the sensitivity levels depending upon the quality of the voice and environment. The industry in is characterized by intense competition among the players to develop products with innovative functionalities. In addition, the market is creating opportunities for application developers to satisfy customers’ needs and generate revenue.
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