Cheque Scanner Market Overview and Business Opportunities
07 June 2019, The global cheque scanner market is expected to display higher growth rate over the next
five years. Rapid surge in the market is credited to the rising demand from
government as well as commercial sector. Rapid technological advancement in the
banking and finance sector is key aspect for robust market growth of cheque
scanner industry. Rise in number of banks, financial institutions coupled with
advent of digital banking are expected to drive the growth of cheque scanner
market over the forecast period. Globally, market is predicted to generate
massive revenue over the next five years, providing numerous opportunities for
industry participants to invest in research and development of cheque scanners.
Cheque scanner offers a quality
scanning at high speed. Incorporation of card scanning function that allows
simple ID authentication, particularly at front counter is anticipated to boost
market demand over the coming years. Card scanning function is used at backend
processes for better operational efficiency. In addition, adopting of high-end
technology with high-speed scanning rate is expected to favor market growth in
the upcoming years. Development of in-built ID card feeder and an advanced
color imaging sensor has led to substantial improvement in performance of
cheque scanners.
Integration of highly precise MICR (Magnetic Ink
Character Recognition) features to improve character recognition thus reducing
scanning errors is amplifying market value of the product in the past few
years. Use of high quality UV sensors that are capable of scanning anti-fraud
patterns with UV ink is expected to enhance security of the device.
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| Cheque Scanner Market |
The cheque scanner market is broadly categorized into two
major segments based on the product type such as single feed cheque scanner and
multi feed cheque scanner. Multi feed cheque scanner segment is growing rapidly
in the market with substantial revenue generation in the last few years.
Growing popularity of multi feed cheque scanner segment is attributed to the
rising product penetration in the market and cost effectiveness.
The cheque scanner market is divided by region as North
America, Europe, Asia-Pacific, Latin America and Africa. North America has
shown major growth in recent years owing to the rise in implementation of
latest technologies in BFSI (banking, financial service & insurance)
industry, surge in number of research & development activities and
existence of well-established IT infrastructure in the region. In European
region, Germany, France, and United Kingdom are projected to witness steady
growth due to the rising product penetration and growing preference towards
digital banking solutions.
Asia-Pacific region is estimated to hold a major share in
the cheque scanner industry with massive growth in forecast period. Countries
such as India, China and Singapore are leading the Asia-Pacific market with
strong economic growth, rapid technological advancement in banking &
financial sector, increasing number of banks across the region, and significant
investment by leading industry players considering potential growth
opportunities in the region. The key players in the cheque scanner market are
Canon Pvt., Ltd., CTS electronics S.p.A., Digital Check Corp., Ernst Reiner
GmbH & Co., KG, Panini S.p.A., and Seiko Epson Corp.
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