Woodridge, 2018 May (Press Release) – Global Digital Voice Recorder Market was valued at USD 1.2 Billion for the year 2017. Digital Voice Recorder Market is further expected to grow at a CAGR of 11.1% from 2018 to reach USD 2.3 Billion by the year 2023. North America region holds the highest market share in 2017. While Asia Pacific region is considered as the fastest growing market in the forecasted period. U.S. is the major market in 2017 at country level and it is further anticipated to grow at a steady pace in the next 5 years.
Olympus Corporation (Japan), Sony Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), Panasonic Corporation (Japan), Zoom Corporation (Japan) are some of the top producers in the Digital Voice Recorder Market with Zoom Corporation holding a substantial market share in 2017. Better global reach, both at production and at an operational level is the main reason for holding this market share. Rising research and development expenses to satisfy the changing demands of end users, new product launches and organic growth strategies were few techniques adopted by various manufacturers in last 5 years.
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Key Market Players
Samsung Electronics Co., Ltd.
Hyundai Digital Tech Co. Ltd.
Royal Philips NV
ShenZhen Evistr Technology Co. Ltd.
Noel Leeming Group Limited
Get Customized Report: https://www.prominentmarketresearch.com/inquiry-report/34240 Drivers:
Increasing investments due to the significant rise in the requirement from the entertainment industry
The use of smartphones for recording is expected to hamper the market growth
Developments in the telecom sector and use of online media by various channels
Estimating the demand supply due to use of substitute technology
The USB segment is expected to hold the highest market share during the forecast period.
On the other hand, Commercial segment is expected to grow at the highest CAGR during the forecasted period. Thus, Digital Voice Recorder Market has a solid growth potential in developing and developed countries across globe.
Key Benefits for Stakeholders
Digital Voice Recorder manufacturers, distributors and retailers
Media and related industry sectors
Technology standards organizations and associations
End use industries
Regulatory bodies, policy makers and consumers.
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