Publication Month: Mar 2021 | Report Code: TIPRE00019004 | No. of Pages: 132 | Category: Technology, Media and Telecommunications | Status: Published
The cheque scanner market is broadly segmented into five major regions—North America, Europe, APAC, MEA, and SAM. North America dominated the market in 2020. The region has the presence of multinational companies engaged in the business of providing cheque scanner, which makes it a leading and dominant region of cheque scanner market. Digital Check, ARCA, MagTek, NCR Corporation, Eastman Kodak Company, and RDM Corporation are among the players operating in the cheque scanner market in North America.
According to latest report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, India, Turkey, Brazil, Iran, and China are among the worst affected countries due to COVID-19 outbreak. The outbreak crisis adversely affected industries across the world and the global economy witnessed a worst hit in 2020, and showed an impact in the first quarter of 2021. 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, cheque 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.
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Remote deposit capture (RDC) has gained prominence as banking authorities across the world are promoting and supporting the technology. Since the introduction of RDC, millions of desktop scanners have been deployed by the financial institutions. Remote deposit capture allows access to all funds within two to three business days; whereas the traditional deposit methods take several days to complete the task. RDC also removes geographical constraint, allowing user to deposit checques from anywhere.
Number of financial institutions are investing in RDC technology as the technology is helping their team to focus on core operation of the bank. The technology is also providing smooth operation and better management to the entire cheque clearance process. The emergence of RDC technology would boost the scope of cheque scanner market.
Based on type, the multi-feed cheque scanner segment is expected to lead the global cheque scanner market during the forecast period. These types of cheque scanners are beneficial for business that has constant flow of check processing. A stack of cheques is easily inserted into multi-feed scanner through input area, and the scanner does its processing accurately.
Based on application, the banks segment is anticipated to lead the global cheque scanner market during the forecast period. Banks process and clear many cheques on daily basis, therefore they are deploying scanners at various branches to reduce the overall time taken for cheque clearance as well as to follow the government guidelines promoting digital cheque process
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|Market Size Value in||US$ 721.52 Million in 2020|
|Market Size Value by||US$ 1,079.55 Million by 2028|
|Growth rate||CAGR of 5.3% from 2021-2028|
|No. of Pages||132|
|No. of Tables||56|
|No. of Charts & Figures||70|
|Historical data available||Yes|
|Segments covered||Type and Applications|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
The List of Companies - Cheque Scanner Market