Asia Pacific Cheque Scanner Market is expected to reach US$ 185.79 Million by 2028

PRESS RELEASE BY The Insight Partners 11 Feb 2022

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Banks Segment to Dominate Asia-Pacific Cheque Scanner Market during 2017–2028

According to The Insight Partners market research study on “Asia-Pacific Cheque Scanner Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application,” is expected to reach US$ 185.79 million by 2028 from US$ 134.73 million in 2021. The market is estimated to grow at a CAGR of 4.7% from 2021 to 2028. Push from regulatory authorities is the major factor driving the growth of the Asia-Pacific cheque scanner market. However, cost associated with cheque scanner may hinder the growth of Asia-Pacific cheque scanner market. The report provides trends prevailing in the Asia-Pacific cheque scanner market along with the drivers and restraints pertaining to the market growth.

Asia-Pacific is characterized by several developing countries, a positive economic outlook, large industrial sectors, and huge population. As a result, it holds significant potential for the growth of the cheque scanner market. However, the lockdown of various plants and factories in Asia-Pacific countries severely affected the global supply chains, and disturbed manufacturing processes, delivery schedules, and product and service sales in 2020 and early 2021. The COVID-19 outbreak, and the subsequent social restrictions led to interruptions in the production and supply chains of cheque scanners. However, Albertsons International in Mumbai placed an order with Digital Check for its TellerScan TS240 scanners. Such developments on the demand side are supporting the Asia-Pacific cheque scanner market growth.

The Asia-Pacific cheque scanner market segmented by type, application, and country. Based on type, the market is segmented into single-feed check scanner and multi-feed check scanner. In 2020, the multi-feed check scanner segment held the largest share in Asia-Pacific cheque scanner market. Based on application the market is divided into banks, enterprises and financial institutions. The banks segment accounts for largest market share in the 2020. Similarly, based on country, the market is segmented into China, Japan, India, South Korea, Australia, and rest of Asia-Pacific. China contributed a substantial share in 2020. 

Canon Inc., Digital Check, Eastman Kodak Company, Epson, MagTek Inc, and NCR Corporation are among the leading companies in the Asia-Pacific cheque scanner market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, NCR Corporation acquired Terafina for customer account opening and onboarding across digital, branch and call center channels.

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