Cheque Scanner Market is expected to reach US$ 1,079.55 million by 2028

According to our latest market study on “Cheque Scanner Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Single-feed Cheque Scanners and Multi-feed Cheque Scanners) and Applications (Banks, Enterprises and Financial Institutions),” the market was valued at US$ 721.52 million in 2020 and is projected to reach US$ 1,079.55 million by 2028; it is expected to grow at a CAGR of 5.3% from 2021 to 2028.  

North America led the global cheque scanner market with decent revenue share in 2020, followed by Europe and APAC. The US, Canada, and Mexico are the major economies in North America. Technological advancements have led to a highly competitive market in the region as population is getting attracted toward digital technologies. With the high adoption of automation technologies in operations, smart devices with remote connectivity are enhancing the service experience for bank customers. Significant innovations in retail banking through digital technologies improve customer personal banking experience, while commercial banking is pressurized to catch up. Increasing demand for innovation at banks for a faster and smooth transaction drives the market growth in North America. The bank counter in North American countries is being transformed to automated desks for improved and fast service applications. At present, one of the demanding technologies in the banking sector is cheque scanners. The cheque scanner enables remote deposit capture benefits with reduced time of transaction recording, cost of transportation, and less dependence on courier services. The banks, specifically in the US, are adopting the cheque scanner technology to improve the customer banking experience. For instance, according to the Federal Reserve, around 84% of the US customers visit the bank counter at least once a year. Hence, to provide enhanced service, banks are adopting automated systems. The Panini, one of the prominent market players in the US is serving the advanced banking technologies for multiple banks, such as U.S. Bank, KeyBank, and American National Bank.

In 2020, Europe stood second in the cheque scanner market with more than 20% share, and it is anticipated to register a steady CAGR from 2020 to 2028. Germany, the UK, France, and Italy are at the forefront of the adopting digital banking. Robust adoption of the advanced technology in the banking and large enterprises sector drives the growth of the Europe cheque scanner market. The presence of leading market players such as PANINI, Digital Check Corp., Canon Europe, and MagTek Europe is bolstering the market growth. The banks, financial institutes, and large enterprises firmly shift toward remote deposit capture systems to enhance customer banking experience.

The countries such as the UK and France are promoting remote deposit capture services. For instance, in October 2017, all-banks in the UK started to offer an image clearing system (ICS) for check deposit applications. The solution introduced in the country is enabling customers to exchange cheque images and data instead of visiting the bank with a physical paper document. The UK banks are processing the check with the image alone; there is no requirement for bank check documents. Such legislative changes from the country to enhance banking service is creating a substantial growth opportunity for market players in the UK.

Impact of COVID-19 Pandemic on  Cheque Scanner Market

The COVID-19 outbreak has created significant disruptions in the manufacturing industries as a result of lockdown measures imposed for controlling the spread of the virus. Due to temporary shutdown of manufacturing plants, the production of cheque scanner systems has also been halted. Moreover, restrictions on the people’s movement and supply chain are disrupting the development and procurement of cheque scanners. However, rising awareness of social distancing is propelling the demand for digital banking globally, which would boost the cheque scanner market in forthcoming period. Now, customers are preferring online banking platforms for performing tasks such as clearing cheques, deposit, payment, and other financial activities than visiting banks. This aspect would strengthen the use of mobile deposit services and remote deposit capture technologies in the coming years.

Cheque Scanner Market — Geographic Breakdown, 2020 (%)

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Cheque Scanner Market Overview & Industry Status by 2028

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Cheque Scanner Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Single-feed Cheque Scanners and Multi-feed Cheque Scanners) and Applications (Banks, Enterprises and Financial Institutions)

The global Cheque Scanner market has been segmented as follows:

Cheque Scanner Market – by Type

• Single-Feed Cheque Scanners
• Multi-Feed Cheque Scanners

Cheque Scanner Market – by Application

• Banks
• Enterprises and Financial Institutions

Cheque Scanner Market – by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Italy
  • UK
  • Russia
  • Rest of Europe
• Asia Pacific (APAC)
  • Australia
  • China
  • India
  • Japan
  • South Korea
  • Rest of APAC
• Middle East and Africa (MEA)
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA
• South America (SAM)
  • Brazil
  • Argentina
  • Rest of SAM