MAGNETIC INK CHARACTER RECOGNITION (MICR) MARKET TO REACH USD 473.2 MILLION BY 2027 | CAGR 2.9% – FORENCIS RESEARCH

Magnetic Ink Character Recognition (MICR) Market Size, Share, Trends, Growth, Analysis, Research

Global Magnetic Ink Character Recognition (MICR) Market: Key Highlights

  • According to the new market research report Magnetic Ink Character Recognition (MICR) Market by Technology (Reader Sorters (Waveform Reader Sorters, Matrix reader Sorters, Optical Reader Sorters, Dual read Magnetic Reader Sorter, Hybrid Reader Sorter) MICR Printing (Letterpress, Offset Lithography, Impact Ribbon Encoding, Non-Impact MICR Printing, Thermal Ribbon Encoding)), by Processing Speed (Low Speed, Medium Speed, High Speed), by Application (Manufacturing Checks, Issuing Checks (Payroll Checks, Account Payable Check, Dividend Check, Drafts, Negotiable Orders of Withdrawal, Others)), by End-User (BFSI, Government Agencies, Business Organizations, Others), by Region (North America, Asia-Pacific, Europe, Middle East & Africa, South America) – Global Forecast (2019 to 2027)”, the global magnetic ink character recognition (MICR) market is estimated to reach USD 473.2 million by 2027 at a CAGR of around 2.9% during the review period.
  • MICR is the list of numbers that appear at the bottom of the check that includes routing, account, and checks numbers
  • MICR is mainly used for fast and secure document processing and reduce manual data input process. It helps to company or banks can easily transfer the data with a high level of security. 

Magnetic Ink Character Recognition (MICR) Market

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Global Magnetic Ink Character Recognition (MICR) Market: Key Market Dynamics

  • Rising demand for fast and secure data processing technology and increasing demand in BFSI services are projected to drive the market during the forecast period
  • Moreover, increasing MICR technology in the aviation industry will become an opportunity for the MICR market during the forecast period
  • However, the high cost of MICR readers and encoders and the growing adoption of advance payment methodologies will hamper on the growth of the market during the next seven years
  • Dual magnetic reader and hybrid readers are the major recognition technology which is expected to drive the market

Global Magnetic Ink Character Recognition (MICR) Market: Regional Overview

  • North America

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

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:

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.   

  • HP Development Company, L.P.:

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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Published : 2020-03-05