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Digital Voice Recorder Market Trends & Growth Analysis 2024-2033
Digital Voice Recorder Market Trends
According to The Business Research Company's, The digital voice recorder market size has grown rapidly in recent years. It will grow from $1.63 billion in 2023 to $1.82 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to integration of portable devices, improved storage and battery life, business and professional use, consumer electronics evolution, digitalization of workflows..
The digital voice recorder market size is expected to see rapid growth in the next few years. It will grow to $2.77 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to demand in education sector, enhanced storage capacity, expansion of remote work, ai-driven features, cloud-based recording solutions.. Major trends in the forecast period include advancements in recording technology, integration with cloud services, smartphone integration, focus on portability and design, enhanced battery life..
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Market Drivers and Trends:
An increasing application scope in online tutorials is expected to propel the digital voice recorder market going forward. The online tutorials are a self-study practice with a specific learning objective. They can be made available online or on a DVD, although blackboard is usually where they are disseminated. Lectures and other online course materials are frequently recorded outside of the classroom with an advanced recorder and built-in webcam and microphone for recordings to sound better. Also, the use of digital voice recording has increased in online tutorials for several reasons, including improved call quality, cost-effectiveness, convenience and accessibility. For instance, in 2021, according to a report published by Coursera Inc., a U.S.-based online course and tutorial provider, online tutorials are estimated to have more than 92 million learners across the globe with a 29% year-to-year increase. The US topped the list with increasing numbers of online learners, accounting for 17.3 million, followed by India with a total of 13.6 million online learners. Therefore, the increasing application scope in telecom networks and online tutorials is driving the digital voice recorder market.
Technological advancements have emerged as the major trend gaining popularity in the digital voice recorder market. Major companies operating in the digital voice recorder market are introducing new innovative products incorporating artificial intelligence technology to strengthen their position in the market. For instance, in July 2021, Sony Corporation, a Japan-based technology company launched Sony's ICD-TX660, a new digital voice recorder equipped with Artificial intelligence technology. Sony's ICD-TX660 has boosted its AI capabilities with new features that decrease background noise, feature automatic voice recording, a 16 GB internal memory for longer recordings and convenient and efficient Chinese-language speech-to-text capabilities, made possible through a partnership with AI Speech Ltd., a local start-up.
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Major Key Players of the Market:
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.; Sony Group Corporation; Jingwah Digital Technology Co. Ltd.; Shenzhen Vaso Digital Technology Development Co.Ltd.; Samsung Electronics Co. Ltd.; Zoom Corporation; Shenzhen Hnsat Industrial Co. Ltd.; EVISTR Technology Co. Ltd.; Shenzhen Aiworth Technology Co. Ltd.; TOOBOM Technologies Co. Ltd.; Roland Corp.; Dictaphone Corporation; Grundig Intermedia GmbH; Sanyo Electric Co.Ltd.; Aiwa Co. Ltd.; Marantz Japan Inc.; Nagra-Kudelski Group; Reel-to-Reel; TEAC Corporation; Akai electronics company; Denon; Foster Denki KK; Røde Microphones; Zaxcom Inc.; Sound Devices LLC
Digital Voice Recorder Market 2024 Key Insights:
• The digital voice recorder market will grow to $2.77 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%.
• Growing Application Scope In Online Tutorials Boosts Digital Voice Recorder Market Growth
• Technological Advancements Drive Innovation In The Digital Voice Recorder Market
• North America was the largest region in the digital voice recorder market in 2023
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