Digital Voice Recorder Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3422
Digital Voice Recorder Market size is expected to grow through 2027 led by increasing application scope in telecom networks and online tutorials. The incessant need for efficient and resilient digital voice recorders has paved the way for higher R&D investments. The paradigm shift towards IoT technology and the rising adoption of Wi-Fi networks are other major drivers fostering the market growth.
Digital voice recorders offer instant recording benefits and can play digital files on multiple devices. Higher usage for messaging and data storage other than recordings coupled with the rise in the number of reporters will boost the expansion of the industry.
In terms of recorder interface, the USB segment in the digital voice recorder market is likely to see robust growth owing to advantages such as affordability and simplicity of use. Besides, considering their power-sourcing through computers, USB microphones cut down the need for phantom power sources.
Based on battery type, the market size from rechargeable batteries is slated to grow at an exponential rate from 2021 to 2027. This is ascribed to their increasing adoption in portable electronic devices to offer the desired performance stability. The rising influx of additionally powerful rechargeable battery systems will further add positive impetus to the segment growth.
On the basis of end-use, the digital voice recorder market is classified into residential and commercial. Among these, the product demand across the commercial sector is anticipated to rise due to increasing penetration across the entertainment sector. Given their premium and chargeable features as well as limited electricity use, digital voice recorders mark extensive utility in recording studios. They are also noting higher demand across learning and transcription applications. Moreover, physicians and doctors are considerably adopting smaller digital recorders to take voice notes during patient visits.
Regionally, Asia Pacific digital voice recorder market is poised to attain major traction on account of the booming consumer electronics sector in the region. The continuous emergence of innovative technologies along with the expanding population has led to the higher acceptance of electronic devices. Higher product usage in China and India will also add to the regional progression.
The market is consolidated by the presence of major participants such as Philips, Olympus Corporation, Hyundai Digital Tech Co. Ltd, and Zoom Corp.
Strategic partnerships, that include mergers as well as acquisitions, along with technological advancements to bring innovations, are some of the major initiatives undertaken by these players to reinforce their competitive value in the business landscape.
For instance, in July 2021, Sony Corp introduced a new AI-featured digital voice recorder, its maiden model in a bid to support the Chinese-language speech-to-text functions. Through the launch, the company integrated high-quality sound design as well as AI functions in the recorder.
In another instance, Sony India, in December 2019, unveiled its new digital voice recorder range, powered with ICD-UX570 to offer high quality and reliable recording along with a long-range skipping tool as well as auto voice and music recording.
Impact of COVID-19 crisis on digital voice recorder market trends
The global economic turbulence laid out by the COVID-19 pandemic also paved the path for supply chain disruptions, bringing a massive blow to several industrial and commercial verticals worldwide. Its effects were also felt on the industry. This is attributable to the stalled activities across the media and entertainment sector. However, with the increasing need for online learning amidst the outbreak, the market is set to pick up substantial steam in the coming years.
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