The global cheque scanner market is expected to display higher growth rate over the next five years. Rapid surge in the market is credited to the rising demand from government as well as commercial sector. Rapid technological advancement in the banking and finance sector is key aspect for robust market growth of cheque scanner industry. Rise in number of banks, financial institutions coupled with advent of digital banking are expected to drive the growth of cheque scanner market over the forecast period. Globally, market is predicted to generate massive revenue over the next five years, providing numerous opportunities for industry participants to invest in research and development of cheque scanners.
Cheque scanner offers a quality scanning at high speed. Incorporation of card scanning function that allows simple ID authentication, particularly at front counter is anticipated to boost market demand over the coming years. Card scanning function is used at backend processes for better operational efficiency. In addition, adopting of high-end technology with high-speed scanning rate is expected to favor market growth in the upcoming years. Development of in-built ID card feeder and an advanced color imaging sensor has led to substantial improvement in performance of cheque scanners.
Integration of highly precise MICR (Magnetic Ink Character Recognition) features to improve character recognition thus reducing scanning errors is amplifying market value of the product in the past few years. Use of high quality UV sensors that are capable of scanning anti-fraud patterns with UV ink is expected to enhance security of the device.
The cheque scanner market is broadly categorized into two major segments based on the product type such as single feed cheque scanner and multi feed cheque scanner. Multi feed cheque scanner segment is growing rapidly in the market with substantial revenue generation in the last few years. Growing popularity of multi feed cheque scanner segment is attributed to the rising product penetration in the market and cost effectiveness.
The cheque scanner market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in BFSI (banking, financial service & insurance) industry, surge in number of research & development activities and existence of well-established IT infrastructure in the region. In European region, Germany, France, and United Kingdom are projected to witness steady growth due to the rising product penetration and growing preference towards digital banking solutions.
Asia-Pacific region is estimated to hold a major share in the cheque scanner industry with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with strong economic growth, rapid technological advancement in banking & financial sector, increasing number of banks across the region, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the cheque scanner market are Canon Pvt., Ltd., CTS electronics S.p.A., Digital Check Corp., Ernst Reiner GmbH & Co., KG, Panini S.p.A., and Seiko Epson Corp.
Geographically, this report is segmented into several key Regions, with production, consumption, revenue (million USD), market share and growth rate of Cheque Scanner in these regions, from 2012 to 2023 (forecast), covering
• North America (United States, Canada and Mexico)
• Europe (Germany, France, UK, Russia and Italy)
• Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
• South America (Brazil, Argentina, Columbia)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Global Cheque Scanner market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players including
• Digital Check Corp
• Shirazi Trading
• NCR Corporation
On the basis of product, this report displays the production, revenue, price, market share and growth rate of each type, primarily split into
• High-speed Cheque Scanner
• Single-feed Check Scanner
On the basis on the end users/applications, this report focuses on the status and outlook for major applications/end users, consumption (sales), market share and growth rate of Cheque Scanner for each application, including
Research Support Specialist, USA