Market Research Reports Search Engine (MRRSE) has published a new report on the Magnetic Ink Character Recognition (MICR) Devices Market. The report analyses the market for Magnetic ink character recognition devices at a global scale, and has covered the market dynamics extensively, providing key trends impacting the market. This report on the global Magnetic ink character recognition devices market delivers an intrinsic knowledge base for leading players in the market, who seek expansion of their presence worldwide.
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Magnetic ink character recognition (MICR) technology, deployed to validate the originality or legitimacy of paper documents, specifically checks, has been seeing steady uptake for their ability to facilitate fast and secure document management. End-users such as government, retail, transportation and banking, financial services and insurance (BFSI) are contributing to their demand. They rely on MICR technology for high-quality and cost-effective financial document and check printing.
Dual magnetic reader and hybrid devices are the major recognition technology which is expected to generate demand for magnetic ink character recognition devices over the forecast period. Posing a roadblock to the market, on the other hand, is the steep cost of MICR readers and printers. Emergence and subsequent popularity of digital transactions has also served to crimp demand in the market.
As per a report by Market Research Reports Search Engine (MRRSE), the global market for magnetic ink character recognition devices market will likely register a 1.6% CAGR from 2017 to 2025 to become worth US$665.6 mn by 2025.
Global Magnetic Ink Character Recognition (MICR) Devices Market: Segmentation
Magnetic ink character recognition devices market is bifurcated by technology and end-user. By technology, global MICR devices market is categorized into MICR printing and recognition technology. The MICR printing technology is further segmented into ribbon encoding and non-impact MICR printing. Furthermore, the recognition technology is further cross-segmented into waveform readers, matrix readers, dual magnetic reader and hybrid device. Based on end-user, global MICR devices market is categorized into banks and financial institutes, government agencies, business organizations and others such as retail, transportation and healthcare. The report covers analysis of these segments across all geographies, along with qualitative analysis for key market indicators supplementing the growth of MICR devices market during the forecast period.
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Thriving Retail Payment System Using Checks Drives Demand in Asia Pacific
From a geographical standpoint, Asia Pacific leads the global magnetic ink character recognition (MICR) devices market. In 2016, its dominant share came to about 35.0%. Increasing uptake of MICR technology for printing and scanning documents or checks across the region has served to boost its market. For instance, checks continue to play an important role in India’s retail payment system, in which around 4.5 million inter-bank checks are cleared every day. MICR devices help to increase speed of check processing. In addition, the capability of MICR devices to authenticate the validity of financial documents is leading to their rapid adoption in financial institutes, thereby further benefitting the market. By registering a CAGR of 2.3% in the forecast period, the revenue in Asia Pacific market is expected to reach US$247.97 bn by 2025. The market in the Middle East and Africa, though having a relatively lower share in terms of size, is predicted to trail Asia Pacific vis-à-vis CAGR. Rising thrust on effective management and control of document printing and scanning process across the region will result in a 1.7% CAGR during the forecast period.
Some of the prominent participants in global magnetic ink character recognition devices market are ACOM Solutions, Inc., Canon, Inc., Hewlett Packard Company, Epson America, Inc., Murni Solusindo Nusantara, MagTek, Inc., Rosetta Technologies, Inc., Source Technologies, Troy Group, Inc., Xerox Corporation Ltd, Uniform Industrial Corporation, and ZIH Corp.
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