19-Jul-2022 | Facts and Factors
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 cheque scanner industry is expected to increase steadily in the next years. In the current context, despite the availability of various online platforms for sending/receiving money, a major amount of business relies on cheques. This element necessitates the use of a cheque scanner to rapidly and efficiently clear lumpsum cheques with no human error. Financial organizations, banks, and credit unions rely significantly on check scanners to increase productivity and revenue in an automated manner. The drive to improve operational efficiency in banks is driving up demand for cheque scanners. Cheques are still widely used as a key method of transmitting and receiving money in a variety of businesses. As a result, banks and accounting firms are putting cheque scanners in their branches to better manage cheque clearance.
Browse the full “Cheque Scanners Market 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), and By Region - Global Industry Insights, Growth, Size, Share, Comparative Analysis, Trends, Statistical Research, Market Intelligence, and Forecast 2022 – 2028" report at https://www.fnfresearch.com/cheque-scanners-market
Moreover, tough regulatory requirements are altering the global banking system, which is adding to market growth. Governments in countries such as the United States, the United Kingdom, India, and Brazil are establishing guidelines to make the cheque-writing procedure as simple as possible. Furthermore, with the continuous wave of digital transformation in the banking sector, the scope of adopting remote deposit capture will expand in the coming years. The introduction of mobile deposit services and creative cheque scanners for standalone kiosks or virtual desktop environments will drive cheque scanner adoption in the future years. Although digital check scanning technologies are cost-effective, the initial capital investment required to implement check scanners is significant. This may limit the market's expansion.
Segmental Overview
In terms of types, during the forecast period, the multi-feed cheque scanner segment is likely to lead the worldwide cheque scanner market. These sorts of cheque scanners are useful for businesses that process checks on a regular basis. A stack of cheques is easily inserted into the multi-feed scanner via the input area, and the scanner precisely scans them.
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.
Regional Overview
The Asia Pacific is predicted to increase rapidly throughout the projection period. In these countries, technological improvements in payment fields and the number of businesses have skyrocketed. These considerations will contribute to the adoption of cheques among businesses, as entities continue to prefer cheques for payment of lump-sum amounts. As a result, the scope of integrating cheque scanners in the majority of sectors in the Asian market is likely to expand in the future. The primary economies contributing to the growth of the cheque scanner market are Japan, China, India, South Korea, and Australia. These countries have had rapid expansion in the retail, banking, and hospitality industries.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 794.05 Million |
Projected Market Size in 2028 |
USD 1,018.8 Million |
CAGR Growth Rate |
5.08% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
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., and Others |
Key Segment |
By Types, Technology, Applications, End-Users, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Competitive Landscape
Some of the major companies operating in the global cheque scanners market are 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., and among others.
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
By End-Users
- Banks and Financial Institutes
- Government Agencies
- Business Organizations
- Retailers
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- 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
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