Digital Voice Recorder Global Market Report 2024

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 factors such as the integration of portable devices, advancements in storage and battery life, increased adoption for business and professional use, the evolution of consumer electronics, and the overall 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 the demand in the education sector, increased storage capacity, the expansion of remote work, AI-driven features, and the adoption of cloud-based recording solutions. Major trends in the forecast period include advancements in recording technology, integration with cloud services, smartphone integration, a focus on portability and design, and enhanced battery life.

The digital voice recorder market is anticipated to experience significant growth, primarily driven by the expanding application scope in online tutorials. These tutorials, geared toward self-study with specific learning objectives, are increasingly prevalent in online formats or DVDs, commonly disseminated via blackboard platforms. Advanced recorders equipped with built-in webcams and microphones are often utilized to enhance the quality of recorded lectures and course materials. The adoption of digital voice recording in online tutorials has surged due to factors such as enhanced call quality, cost-effectiveness, convenience, and accessibility. In 2021, Coursera Inc., a US-based online course provider, reported a global estimate of over 92 million online learners, marking a 29% year-to-year increase. The US led with 17.3 million online learners, followed by India with 13.6 million, signifying the rising influence of telecom networks and online tutorials in driving the digital voice recorder market.

The growth trajectory of the digital voice recorder market is expected to be further propelled by the surge in Over-the-Top (OTT) services. OTT services enable direct streaming and access to audio, video, and other media content over the Internet, challenging traditional television providers. Digital voice recorders play a pivotal role in delivering high-quality audio recordings crucial for accurate transcriptions within OTT services. For instance, in April 2023, Netflix Inc., a US-based streaming media company, reported an increase in paying subscribers from 223 million to 231 million within the first quarter of 2023. This significant rise in OTT service usage underscores the driving force behind the growth of the digital voice recorder market.

Technological advancements stand out as a key trend fueling the digital voice recorder market, with major companies striving to introduce innovative products leveraging artificial intelligence (AI) technology. In July 2021, Sony Corporation, a Japan-based technology company, unveiled the Sony ICD-TX660, a new digital voice recorder integrated with AI technology. The ICD-TX660 boasts advanced AI capabilities, including noise reduction, automatic voice recording, a 16 GB internal memory for extended recordings, and efficient Chinese-language speech-to-text functionalities, made possible through a partnership with AI Speech Ltd., a local startup. This introduction signifies a growing trend among industry leaders to harness AI-driven features, enhancing their market position within the digital voice recorder landscape.

Prominent players within the digital voice recorder market are strategically concentrating on unveiling cutting-edge solutions, exemplified by the introduction of a new range of voice recorders, to establish a competitive edge in the industry. These advanced voice recorders encompass digital audio recording devices integrated with sophisticated features and functionalities. Tailored to capture and store audio recordings in a digital format, these devices excel in delivering superior audio quality, increased storage capacity, and user-friendly features enhancing the recording experience. For instance, in March 2021, Sony Group Corporation, a Japan-based conglomerate, introduced the PCM-A10, a digital voice recorder renowned for its high-quality recordings and superior voice clarity. Equipped with a range of features including adjustable microphones adaptable to diverse recording situations, wireless playback compatibility with BLUETOOTH headphones or speakers, and remote control and settings adjustment via a dedicated smartphone app, the PCM-A10 stands as a testament to cutting-edge innovation within the digital voice recording landscape.

In October 2021, Audiotonix, a UK-based manufacturer specializing in audio equipment, made an undisclosed acquisition of Sound Devices LLC. This strategic move is poised to broaden Audiotonix's portfolio of professional audio solutions, signifying an expansion phase in North America. Sound Devices LLC, a US-based company specializing in manufacturing digital audio and voice recorders, aligns with Audiotonix's vision for growth and innovation within the market.

Major companies operating in the digital voice recorder market report are 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., TASCAM 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.

North America was the largest region in the digital voice recorder market in 2023. Europe was the second largest region in the digital voice recorder market in 2023. The regions covered in the digital voice recorder market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the digital voice recorder market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary product types of digital voice recorders include MP3, Windows Media Audio (WMA), Waveform Audio File Format (WAV), and Digital Speech Standard (DSS). MP3 is a widely used digital audio encoding format known for its lossy compression that reduces file size while maintaining significant audio quality. The recorder interfaces encompass Bluetooth, infrared, Universal Serial Bus (USB), Secure Digital Card (SD card), and wireless options, with memory sizes ranging from 1 GB to 16 GB. Additionally, various battery types are utilized, including rechargeable, AA, AAA, lithium-ion, and others. These recorders cater to diverse needs such as voice recording, commercial use, and interview recording for consumers.

The digital voice recorder market research report is one of a series of new reports that provides digital voice recorder market statistics, including digital voice recorder industry global market size, regional shares, competitors with digital voice recorder market share, detailed digital voice recorder market segments, market trends and opportunities and any further data you may need to thrive in the digital voice recorder industry. This digital voice recorder market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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