Global Magnetic Ink Character Recognition (MICR) Market: Key Highlights
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Global Magnetic Ink Character Recognition (MICR) Market: Key Market Dynamics
Global Magnetic Ink Character Recognition (MICR) Market: Regional Overview
North America is expected to dominate the Magnetic Ink Character Recognition (MICR) market during the forecast period, due to the presence of MICR device manufacturers such as Xerox Corporation, HP Development Company, L.P., and MagTek Inc. The banking sector and business organizations are expected to drive the MICR market in North America. In 1950, United States banks, bankers, machine manufacturers, and check processors formed several committees to develop some standards on MICR ink characters. In 1958, E-13B was established by the American Bankers Association (ABA) and till now this standard is used in private and government banks.
Asia-Pacific is expected to grow at a faster rate during the forecast period due to increasing aviation industry, banking industry, and retail industry. Moreover, the presence of global players such as Canon, Inc., Epson, and Ricoh. Japan, China, and India are expected to drive the MICR market during the forecast period. India is one of the major user of checks which also helps to increase the market in Asia-Pacific. Moreover, an increasing number of air passengers in Asia-Pacific is expected to grow the market in Asia-Pacific. According to IATA, an additional 1.8 billion passengers will be transported to, from, and within Asia-Pacific with the market size of USD 3.1 billion at a growth rate of 4.7% annually.
Global Magnetic Ink Character Recognition (MICR) Market: Key Players Overview
Xerox Corporation is one of the global player in the provision of intelligent work and printing technology products and services. The company provides Xerox Phaser 3330 Printer and Xerox WorkCentre 3345 MICR printers for reading checks in small operating times with high security. The company provides these systems for manufacturing checks and issuing checks applications. In 2016, the company launched Xerox Phaser 3330, a black & white MICR printer that provides 99.5% read rate at high processing speed.
Hewlett-Packard is a multinational information technology company that provides hardware, software and business services. The company products computing devices, industry-standard servers, storage devices, networking products, software, printers, scanners, plotters, and other imaging products. Moreover, TROY is a subsidiary of Hewlett-Packard. Troy is an only supplier of original HP (OEM) MICR products, you can count on quality, reliability, and security. The company provide 200 Mobile MICR Printer, OfficeJet 8210MICR Printer, M203dw MICR printer, and many others to prevent check fraud at a low cost per ownership
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