Cheque Scanners Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[211+ Pages Report] According to Facts and Factors, the Global Cheque Scanners Market size was valued at USD 794.05 million in 2021 and is predicted to increase at a CAGR of 5.08% to USD 1,018.8 million by 2028. The study examines the market in terms of revenue in each of the major regions, which are classified into countries. The report analyses the global cheque scanners market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the cheque scanners market.

Market Overview

The cheque scanner scans both the back and front of the payment and converts the paper check into a valid digital image. This scanner is made up of a series of small light detectors arranged in a line. These lights sweep across the surface of a cheque under a bright light. Light and dark variations are used by the detectors to generate digital images by converting "dark" and "light" into data. The cheque scanner industry is predicted to expand significantly because of an increase in demand for single feed check scanners that can be integrated into cheque deposition kiosks to scan deposited cheques and generate receipts. Furthermore, commercial bank branches are likely to expand in the next years, with a focus now shifting to digital bank branches to boost productivity and minimize operating costs.

Growth Drivers

The inclusion of MICR readers into ATM machines is likely to increase the demand for check scanners globally. Remote deposit capture (RDC) has grown in popularity as banking regulators throughout the world promote and encourage the technology. Since the launch of RDC, banking institutions have installed millions of desktop scanners. The introduction of RDC technology would broaden the reach of the cheque scanning business. Financial institutions and banks are progressively using digital payment systems for payment processing, which will drive the market. The digital check scanner market is predicted to grow steadily in the future.

Although digital check scanning technologies are cost-effective, the initial capital investment required to implement check scanners is significant. Additionally, due to changing customer payment habits and the emergence of internet banking methods, the check scanning solution's return on investment (ROI) could not be anticipated. The high cost of smart technology-enabled check scanners prevents small financial institutions and credit unions from adopting check scanning solutions.

COVID – 19 Impact

The COVID-19 outbreak had wreaked havoc on the economy across the board. Many people were stranded at home and unable to go due to government restrictions implemented as a result of the COVID-19 incident. Bank operating hours had also been reduced by the governments, hurting customer cash withdrawals and transactions. Both banks and customers benefit from digital check scanning systems. Clients prefer digital transactions over traditional ways, therefore digital check scanners are safer. During COVID-19, this feature is improving the market.

However, because of the pandemic, the manufacture of digital check scanners was temporarily halted, causing supply and demand to be disrupted. As the supply of digital check scanners grows in the near future, the epidemic will drive the market.

Segmentation Analysis

The Global Cheque Scanners Market is segregated based on Types, Technology, Application, and End-Users.

In terms of End-Users, the multi-feed check scanner is expected to have the largest market share over the projection period. Check scanners of this type are useful for firms that handle checks on a regular basis. A stack of checks can be easily pushed into the input area of a multi-feed scanner and processed precisely. Customers can scan and process checks electronically with modern digital check scanning technologies. Compact and medium-sized businesses, educational institutions, and real estate offices are increasingly using small and inexpensive single-feed check scanners to process checks from a remote location.

In terms of End-Users, during the forecast period, the banks, financial institutions, and credit unions sector is likely to lead the global digital check scanner market. Banks deploy scanners at various branches to minimize the overall time it takes to clear a check and comply with government requirements encouraging the use of digital checks because they evaluate, process, and clear a huge number of checks on a daily basis. The increasing use of digital solutions by banks and financial organizations is projected to stimulate the use of digital check scanning solutions. The growing digital transformation in the government and public sector is likely to drive market growth.

Report Scope

Regional Landscape

North America is expected to hold the biggest market share during the forecast period because of the presence of significant financial institutions, banks, and major industry participants. Technological advancements in areas such as real estate, retail, and healthcare encourage the use of remote deposit capture to improve productivity and reduce trip time to banks. The implementation of technologically advanced solutions and digitalization across banks and financial institutions is expected to drive market expansion in this area. Due to their low cost, check scanning solutions are becoming more popular among small and medium-sized businesses, which is expected to drive market expansion in this area.

Competitive Landscape

The report contains qualitative and quantitative research on the global Cheque Scanners Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.

List of Key Players in the Global Cheque Scanners Market:

• ACOM Solutions, Inc.
• Canon, Inc.
• Hewlett Packard Company
• Epson America, Inc.
• Murni Solusindo Nusantara
• MagTek, Inc.
• Rosetta Technologies, Inc.
• Source Technologies
• Troy Group, Inc.
• Xerox Corporation Ltd.

The global cheque scanners market is segmented as follows:

By Types

• Single-Feed Check Scanners
• Multi-Feed Check Scanners
• By Technology
• MICR Printing
• Recognition Technology

By Application

• Desktop
• Kiosks

By End-Users

• Banks and Financial Institutes
• Government Agencies
• Business Organizations
• Retailers

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America