MAGNETIC INK CHARACTER RECOGNITION (MICR) MARKET: SUMMARY
The Global Magnetic Ink Character Recognition (MICR) Market is projected to reach a value of over USD 473.2 million by 2027 at a CAGR of around 2.9%.
Magnetic ink character recognition is a technology that is used to verify the originality of the paper documents such as checks. Special ink that is sensitive to a magnetic field is used in the printing process to print on original documents. In other words, MICR is a process in which documents are printed with the help of magnetic toner/ink and special fonts to create machine-readable information for fast readable processing of paper-based payments. High accuracy, faster speed, and greater security than Optical character recognition (OCR) are the advantages of MICR technology. Xerox Corporation, HP Inc, Canon Inc, Epson America Inc, and MagTek Inc. are some of the global players in the MICR market.
MAGNETIC INK CHARACTER RECOGNITION (MICR) MARKET: DRIVERS & RESTRAINTS
- Rising Demand for Fast and Secure Document Processing Technology
The iron-oxide ink is used to make of MICR characters. These characters can be read if the document is hidden or cover by unknown marks or overprinted. MICR system provides a high level of security where MICR characters are required to follow a strict format and use of specific iron-oxide ink which makes the document theft free and difficult to forge. Xerox Corporation, a well-known brand in the MICR market provides MICR technology and printers on which the end-users can perform at high speed. This company provides high-speed MICR printers which process 2000 or more documents per minute and hence it is used in large operational banks, clearinghouses, and processing centers. In recent years, the cases of cybersecurity thefts and cyberattacks are increases which raises the demand for MICR technology during the forecast period.
- Increasing Demand in BFSI Services
In recent years, the BFSI sector is growing at a very high rate due to large investments in new technologies, increasing population, and many others. This code is mainly used in the banking industry to ease the process, clearance of cheques, and other documents. This technology allows MICR readers to scan and read the information directly from the data collection device. MICR has a nine-digit code that is easily readable by humans. In the MICR code, the first three digits represent the city code of the bank branch. The next three digits represent the bank code and the next three digits represent the bank branch. The two unique MICR fonts such as E-13B and CMC-7 are used worldwide to help computers recognize the characters and to reduce check fraud. Hence, BFSI services will increase the MICR market during the next five years.
- Growing Demand for Advance Payment Methodologies
In recent years, the advance payment methodologies such as mobile payments, online bank transfers, and E-wallets are driving the market due to ease of use, fast, and secured transactions. Currently, the use of E-wallets such as Google Pay and Amazon Pay increases due to accessibility to other cards, two-step security process, and can be easily accessible through mobiles, laptops, and desktops. Hence, the development in advance payment technologies will be expected to hamper the market during the forecast period.
MAGNETIC INK CHARACTER RECOGNITION (MICR) MARKET: KEY SEGMENTS
- Based on technology: Reader Sorters and MICR Printing
- Based on processing Speed: Low Speed, Medium Speed, and High Speed
- Based on application: Manufacturing Checks and Issuing Chacks
- Based on end-user: BFSI, Government Agencies, Business Organizations, and Others
- Segmentation based on region covers: North America, Europe, Asia-Pacific, Middle East & Africa and South America with individual country-level analysis.
MAGNETIC INK CHARACTER RECOGNITION (MICR) MARKET: REPORT SCOPE
The report on the magnetic ink character recognition (MICR) market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2020-2027 (2020 estimated year, forecasted up to 2027)
Value (USD Million)
Technology, Processing Speed, Application, End-User
North America, Asia-Pacific, Europe, Middle East & Africa, South America
KEY COMPANIES COVERED
- Xerox Corporation (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Canon Inc.
- HP Development Company, L.P.
- Epson America, Inc.
- MagTek Inc.
- ACOM Solutions
- PT. Murni Solusindo Nusantara
- Rosetta Technologies, Inc.
- PANINI S.P.A.
- Source Technologies
- Other Key Companies
MAGNETIC INK CHARACTER RECOGNITION (MICR) MARKET: REPORT SEGMENTATION
For the scope of the report, In-depth segmentation is offered by Forencis Research
Magnetic Ink Character Recognition (MICR) Market, by Technology
- Reader Sorters
- Waveform Reader Sorters
- Matrix or AC Reader Sorters
- Optical Reader Sorters
- Dual Read Magnetic Reader Sorters
- Hybrid Reader Sorters
- MICR printing
- Offset Lithography
- Impact Ribbon Encoding
- Non-Impact MICR Printing
- Thermal Ribbon Encoding
Magnetic Ink Character Recognition (MICR) Market, by Processing Speed
- Low Speed (100 to 750 Documents Per Minute)
- Medium Speed (1,000 to 1,500 Documents Per Minute)
- High Speed (2,000 or More Documents Per Minute)
Magnetic Ink Character Recognition (MICR) Market, by Application
- Manufacturing Checks
- Issuing Checks
- Payroll Checks
- Accounts Payable Checks
- Dividend Checks
- Negotiable Orders of Withdrawal
Magnetic Ink Character Recognition (MICR) Market, by End-User
- Government Agencies
- Business Organizations
Magnetic Ink Character Recognition (MICR) Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
KEY QUESTIONS ANSWERED BY THE REPORT
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
- Magnetic Ink Character Recognition (MICR) Market Providers
- Magnetic Ink Character Recognition (MICR) Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Magnetic Ink Character Recognition (MICR) Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE MAGNETIC INK CHARACTER RECOGNITION (MICR) MARKET STUDY