North America Cheque Scanner Market is expected to reach US$ 495.19 Million by 2028

PRESS RELEASE BY The Insight Partners 11 Feb 2022

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Banks Segment to Dominate North America Cheque Scanner Market during 2017–2028

According to The Insight Partners market research study on “North America Cheque Scanner Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application,” is expected to reach US$ 495.19 million by 2028 from US$ 328.05 million in 2021. The market is estimated to grow at a CAGR of 6.1% from 2021 to 2028. Push from regulatory authorities is the major factor driving the growth of the North America cheque scanner market. However, cost associated with cheque scanner may hinder the growth of North America cheque scanner market. The report provides trends prevailing in the North America cheque scanner market along with the drivers and restraints pertaining to the market growth.

The US is the worst-hit country in North America due to the COVID-19 outbreak. Increasing number of infected individuals led the US federal government to shut down the country borders for international travelers in 2020. The majority of the manufacturing plants either discontinued their operations or continued operating with minimum staff; moreover, travel restrictions disrupted the supply chain of components and parts. These are among the critical issues faced by manufacturers in North American countries in 2020 and early 2021. On the contrary, with a decline in the manufacturing of cheque scanners, the scope of remote deposit capture technology is projected to gain momentum in the upcoming years. Upon facing the consequences of slowdown in the production and sales of cheque scanners, banks are looking forwards to bring latest products such as remote deposit capture technology for enabling digital check deposit services to small business located in remote areas.

The North America 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 North America 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 US, Canada, and Mexico. The US contributed a substantial share in 2020. 

ARCA, Canon Inc., Digital Check, Eastman Kodak Company, Epson, MagTek Inc, NCR Corporation, Panini S.p.A., and RDM Corporation are among the leading companies in the North America 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 2019, Canon U.S.A., Inc., and Atris Technology, declared the successful deployment of Canon's imageFORMULA CR-120 check scanners across six offices of Citizens Bank of Florida (Oviedo, FL).

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