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.
Market Driver:
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.
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.
Market Restraints:
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.
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.
Report Features |
Specifics |
---|---|
Historical/Estimated/Forecasted Market Size Years |
2018-2027 |
Base Year for Market Calculation |
2019 |
Forecasted Period |
2020-2027 (2020 estimated year, forecasted up to 2027) |
Measured Units |
Value (USD Million) |
Segments Included |
Technology, Processing Speed, Application, End-User |
Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South America |
For the scope of the report, In-depth segmentation is offered by Forencis Research
Magnetic Ink Character Recognition (MICR) Market, by Technology
Magnetic Ink Character Recognition (MICR) Market, by Processing Speed
Magnetic Ink Character Recognition (MICR) Market, by Application
Magnetic Ink Character Recognition (MICR) Market, by End-User
Magnetic Ink Character Recognition (MICR) Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE MAGNETIC INK CHARACTER RECOGNITION (MICR) MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY