29 November 2019 - 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.
Market Segment:
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
•
Epson
•
Canon
•
Magtek
•
Panini
•
Digital Check Corp
•
HP
•
Shirazi Trading
•
D+H
•
Plustek
•
Kodak
•
NCR Corporation
•
Paystation
•
Burroughs
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