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)

Publication Month: Mar 2021 | Report Code: TIPRE00019004 | No. of Pages: 132 | Category: Technology, Media and Telecommunications | Status: Published

The cheque scanner 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% during the forecast period from 2021 to 2028.

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.

Impact of COVID-19 Pandemic on Cheque Scanner Market

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.

Lucrative Regions for Cheque Scanner Market

Lucrative Regions for Cheque Scanner Market

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Market Insights–Cheque Scanner Market

Rising Inclination Toward Remote Deposit Capture

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.

Type Segment Insights

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.

Application Segment Insights

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

Cheque Scanner Market, by Application (% share)

Cheque Scanner Market, by Application (% share)

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Strategic Insights

Report Coverage - Cheque Scanner Market
Report CoverageDetails
Market Size Value inUS$ 721.52 Million in 2020
Market Size Value byUS$ 1,079.55 Million by 2028
Growth rateCAGR of 5.3% from 2021-2028
Forecast Period2021-2028
Base Year2021
No. of Pages132
No. of Tables56
No. of Charts & Figures70
Historical data availableYes
Segments coveredType and Applications
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue 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.

  • In 2020, Kodak formed alliance with Southern Lithoplate Inc. (SLP). In this alliance, Southern Lithoplate became a key supplier of Kodak solutions. This arrangement leverages Southern Lithoplate’s strong customer relationships and expertise within the newspaper sector and Kodak’s world-class products and technology.
  • In 2019, Digital Check declared Micro Adaptive Cheque and Full-Page Document Scanner in Brazil. The SmartSource Micro Adaptive cheque and document scanner launched to the Brazilian market, at the CIAB FEBRABAN conference.
  • In 2019, Panini announced its partnership with the Alogent Corp. With this partnership, the company’s focus on developing the first operating system agnostic, all-in-one check capture solution used to meet the branch capture requirement of financial institutions and small businesses and merchants.

The global cheque scanner market has been segmented as follows:

Cheque Scanner Market – by Type

  • Single-Feed Cheque scanner
  • Multi-Feed Cheque scanner

Cheque Scanner Market – by Application                                    

  • Banks
  • Enterprises and Financial Institutions

Cheque Scanner Market – by Region

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • UK
    • Russia
    • Rest of Europe
  • Asia Pacific (APAC)

    • China
    • India
    • South Korea
    • Japan
    • Australia
    • Rest of APAC
  • Middle East and Africa (MEA)

    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South America (SAM)

    • Brazil
    • Argentina
    • Rest of SAM

Cheque Scanner Market – Companies Profiles

  • PANINI S.p.A.
  • Epson Corp
  • Canon Inc.
  • Digital Check
  • ARCA
  • MagTek
  • NCR Corporation
  • Eastman Kodak Company
  • RDM Corporation
  • Lagona

Frequently Asked Questions

Rising need to achieve efficiency and push from regulatory authority is driving the cheque scanner market. To effectively manage the operation of cheques clearance, the institutions are deploying cheque scanners at their branches. Cheque scanner increases the overall productivity by allowing the banks to automatically process cheques.
Vendors operating in the market need to continuously innovate and bring a comprehensive solution. This can be achieved by increasing investments in research and development (R&D) and mergers and acquisitions (M&A). With M&A, vendors can extend their offerings across the value chain and enhance their technological capabilities.
The multi-feed scanner segment led the cheque scanner market with a market in 2020. Multi-feed scanner and batch-feed scanner is fast and have unique storage options. These types of check-scanners are beneficial for business that has constant flow of check processing. A stack of cheques can be easily inserted into multi-feed scanner through input area, and it will do its processing accurately. These scanners are larger than single-feed scanner with the capability of scanning 50–200 documents per minute. Digital Check (TS240), Panini SpA (Vision X), and Epson (CaptureOne) are among the players offering multi-feed scanners.

The List of Companies - Cheque Scanner Market

  1. PANINI S.p.A.
  2. Epson Corp
  3. Canon Inc.
  4. Digital Check
  5. ARCA
  6. MagTek
  7. NCR Corporation
  8. Eastman Kodak Company
  9. RDM Corporation
  10. Lagona
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Cheque Scanner market.

  • Highlights key business priorities in order to assist companies to realign their business strategies.

  • The key findings and recommendations highlight crucial progressive industry trends in the global Cheque Scanner market, thereby allowing players across the value chain to develop effective long-term strategies.

  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.

  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.

  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.
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