March 31, 2020

Magnetic Ink Character Recognition (MICR) Devices Market Industry Analysis with Top Leading Players

The global market for Magnetic Ink Character Recognition (MICR) devices was valued at US$ 557.0 Mn in 2018 and is set to grow by 2.5% over the forecast period.

The adoption of MICR technology by banking and financial institutions to validate a document or instrument is primarily driven by the market for magnetic ink character recognition (MICR) devices. Magnetic Ink Character Recognition (MICR) is a scanning technology used to verify the originality of a paper that is printed with a special ink or character. Further incidences of document forgery and fraud are triggered by the demand for secured production identification methods. This further drives the market for magnetic ink character recognition (MICR) devices during the forecast period.

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Based on the type of technology, the recognition technology segment has a market share of more than 60 % in magnetic ink character recognition (MICR) devices. Due to increased demand for secure and efficient processing of financial documents across various industries. The demand for MICR-based recognition technology is largely driven by the dual magnetic reader and hybrid devices. The segment has shown exponential growth and, due to the demand from different industries, the market will continue to grow. As a result, we expect the recognition technology segment to be a significantly growing segment during the forecast period.

Geographically based, Asia Pacific dominated the Magnetic Ink Character Recognition (MICR) device market in 2018. In 2018, it held more than 35% of the total market share. On the other hand, North America is the fastest growing region in the forecast period. Rising adoption of the MICR technology for printing and scanning of documents, together with verification, has led to a significant increase in the market in the North American region. For the above reasons, we expect North America to be the fastest growing region in the 2019-2027 forecast period.

Some of the major companies profiled in the report include 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.

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