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.
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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.
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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