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Magnetic Ink Character Recognition (MICR) Devices Market By Technology Type (MICR Printing, Recognition Technology), By End-User (Bank And Financial Institutions, Government Agencies, Business Organizations) - Growth, Future Prospects And Competitive Analysis, 2019 - 2027

The reinvention of Customer Experience is driving the Magnetic ink character recognition (MICR) devices Market.

The magnetic ink character recognition (MICR) devices market worldwide is expected to grow with a CAGR of 2.5% during the forecast period from 2019 to 2027, starting from US$ 557.0 Mn in 2018. Increasing demand for a fast and safe document processing technology has forced companies to develop an advanced MICR device. A magnetic ink character recognition (MICR) device is deployed to validate the originality of a document, specifically checks. In addition, the adoption of smartphones and downloadable applications has led to various innovations in magnetic ink character recognition (MICR) devices. Hence, we expect the magnetic ink character recognition (MICR) devices market to grow significantly during the forecast period.

Market Synopsis

The banking and Financial Institutions Segment will Led the Market

Banking and financial institutions shall lead the magnetic ink character recognition (MICR) devices market based on the end-user type. The capability of MICR devices has led to the adoption of same in various banking and financial institutions. MICR devices help with the quick processing of banking instruments. On the other hand, government agencies shall mark a steady growth rate during the forecast period. The usage of MICR devices in government agencies shall be in verifying documents and examining the authentication. Thus, we expect the banking and financial institutions segment to be the largest revenue-sharing segment during 2019-2027.

North America to Grow Significantly during the Forecast Period

In 2018, Asia Pacific had a significant share of over 33% in the global magnetic ink character recognition (MICR) devices market. Increasing thrust on effective management and control of the region's document printing and scanning process. Further, it is anticipated that North America will grow extensively during the forecast period. The demand for MICR equipment in various agencies shall support the market in the North American region. Thus, we expect the North American region to be the fastest-growing region throughout the forecast period.

Some prominent players operating in the magnetic ink character recognition (MICR) devices market are Hewlett Packard Company, Canon Inc., Panini SpA, MagTek Inc., Rosetta Technologies Inc., Epson America Inc., ACOM Solutions Inc., Xerox Corporation Ltd, Vertical Infonet Pvt. Ltd and Murni Solusindo Nusantara among others.

Historical & Forecast Period

This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. In addition, compounded Annual Growth Rate (CAGR) for each respective segment was calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The magnetic ink character recognition (MICR) devices market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global magnetic ink character recognition (MICR) devices market based on technology type, end-user, and geography.

Frequently Asked Questions

The market for Magnetic Ink Character Recognition (MICR) Devices is expected to reach US$ 557.0 Mn in 2028.

The Magnetic Ink Character Recognition (MICR) Devices market is expected to see significant CAGR growth over the coming years, at 2.5%.

The report is forecasted from 2019-2027.

The base year of this report is 2021.

Hewlett Packard Company, Canon Inc, Panini SpA, MagTek Inc, Rosetta Technologies Inc, Epson America Inc, ACOM Solutions Inc, Xerox Corporation Ltd, Vertical Infonet Pvt. Ltd are some of the major players in the global market.

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Executive Summary - Brief Global Market Size - Current & Forecast
Regional Market Size - North America
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Godaddy
Published Date:  Dec 2019
Category:  Technology & Media
Report ID:   60109
Report Format:   PDF
Pages:   120
Rating:    4.4 (49)
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