Albany, NY -- (SBWIRE) -- 11/15/2017 -- The global Digital Voice Recorders Market displays a highly fragmented and competitive business landscape, finds a new research study by Transparency Market Research (TMR). Marked by the rivalry between the leading vendors of digital voice recorders across the world, such as Sony, Leap Investment, Hyundai, Samsung, Zoom, Philips, Panasonic, Noel Leeming, and Olympus, the competition within this market is likely to intensify further in the years to come.
The leading companies are increasingly concentrating on technological advancements of their products in a bid to meet the ever-changing demand of consumers, for which they have been investing heavily in this market. Over the coming years, these players are likely to focus on expanding their regional presence across different geographies, for which, they might look forward to involve into strategic alliances with regional players, notes the research study.
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Global Digital Voice Recorder Market to Progress at 11.15% CAGR between 2017 and 2022
As per TMR's estimation, the opportunity in the worldwide digital voice recorder market is likely to touch US$1.15 bn.by the end of 2017. Further, the market is projected to witness a remarkable upswing at a CAGR of 11.50% during the period from 2017 to 2022 and reach a value worth US$1.91 bn by the end of the period of the forecast.
"The significant rise in the entertainment industry is the main factor behind the remarkable growth of the digital voice recorder market," says a TMR analyst. With the escalating number of stages shows and live performances, together with the rising audience pool, the demand for digital voice recorders have increased tremendously across the world. Moreover, the market is expected to gain further from the constant technological advancements in the particular field over the next few years, states the research report.
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Increasing Preference for High Quality Recorders to Boost Market's Growth
A geographical assessment of the global digital voice recorder market has also been provided in this research study. According to the study, Asia Pacific excluding Japan (APEJ), Europe, North America, Latin America, the Middle East and Africa (MEA), and Japan have surfaced as the prime geographical segments of this market. North America, among these, have been dominating this market, thanks to presence of a large pool of established vendors of digital voice recorders in this region. Rising at a CAGR of 14.50% between 2017 and 2022, this regional market is predicted to remain on the top in the near future.
Going forward, North America market for digital voice recorders is projected to be driven by the rising preference for high quality recorders among consumers in this region. The augmenting usage of technologically advanced products in security applications and for investigation purposes, coupled with the surge in the demand for action cameras, are also projected to impel the market' growth in the years to come.
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USBs have reported the most prominent demand among all the components of digital voice recorders, available in the global market. Researchers project this trend to continue over the next few years, reports the research study.