Cheque Scanner Market Revenue to Cross US$ 1,079.55 million by 2028 | Top Key Players Are ARCA, Canon Inc., Digital Check, MagTek

According to our latest market study on "Cheque Scanner Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type (Single-feed Cheque Scanners and Multi-feed Cheque Scanners) and Applications (Banks, Enterprises and Financial Institutions)," the market was valued at US$ 721.52 million in 2020 and is projected to reach US$ 1,079.55 million by 2028; it is expected to grow at a CAGR of 5.3% from 2021 to 2028. North America led the global cheque scanner market with decent revenue share in 2020, followed by Europe and APAC. The US, Canada, and Mexico are the major economies in North America. Technological advancements have led to a highly competitive market in the region as population is getting attracted toward digital technologies. With the high adoption of automation technologies in operations, smart devices with remote connectivity are enhancing the service experience for bank customers. Significant innovations in retail banking through digital technologies improve customer personal banking experience, while commercial banking is pressurized to catch up. Increasing demand for innovation at banks for a faster and smooth transaction drives the market growth in North America. The bank counter in North American countries is being transformed to automated desks for improved and fast service applications.

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The Key Players In The Global Cheque Scanner Market Are:

•PANINI S.p.A.
•Epson America Inc.
•Canon Inc.
•Digital Check
•ARCA
•MagTek
•NCR Corporation
•Eastman Kodak Company
•RDM Corporation

Global Cheque Scanner Market Insight:

At present, one of the demanding technologies in the banking sector is cheque scanners. The cheque scanner enables remote deposit capture benefits with reduced time of transaction recording, cost of transportation, and less dependence on courier services. The banks, specifically in the US, are adopting the cheque scanner technology to improve the customer banking experience. For instance, according to the Federal Reserve, around 84% of the US customers visit the bank counter at least once a year. Hence, to provide enhanced service, banks are adopting automated systems. The Panini, one of the prominent market players in the US is serving the advanced banking technologies for multiple banks, such as U.S. Bank, KeyBank, and American National Bank.

In 2020, Europe stood second in the cheque scanner market with more than 20% share, and it is anticipated to register a steady CAGR from 2020 to 2028. Germany, the UK, France, and Italy are at the forefront of the adopting digital banking. Robust adoption of the advanced technology in the banking and large enterprises sector drives the growth of the Europe cheque scanner market. The presence of leading market players such as PANINI, Digital Check Corp., Canon Europe, and MagTek Europe is bolstering the market growth. The banks, financial institutes, and large enterprises firmly shift toward remote deposit capture systems to enhance customer banking experience.

Impact of COVID-19 Pandemic on Cheque Scanner Market

According to latest report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, India, Turkey, Brazil, Iran, and China are among the worst affected countries due to COVID-19 outbreak. The outbreak crisis adversely affected industries across the world and the global economy witnessed a worst hit in 2020, and showed an impact in the first quarter of 2021. The COVID-19 outbreak has created significant disruptions in the manufacturing industries as a result of lockdown measures imposed for controlling the spread of the virus. Due to temporary shutdown of manufacturing plants, the production of cheque scanner systems has also been halted.

Moreover, restrictions on the people's movement and supply chain are disrupting the development and procurement of cheque scanners. However, rising awareness of social distancing is propelling the demand for digital banking globally, which would boost the cheque scanner market in forthcoming period. Now, customers are preferring online banking platforms for performing tasks such as clearing cheques, cheque deposit & payment, and other financial activities than visiting banks. This aspect would strengthen the use of mobile deposit services and remote deposit capture technologies in the coming years.

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Type Segment Insights

Based on type, the multi-feed cheque scanner segment is expected to lead the global cheque scanner market during the forecast period. These types of cheque scanners are beneficial for business that has constant flow of check processing. A stack of cheques is easily inserted into multi-feed scanner through input area, and the scanner does its processing accurately.

Application Segment Insights

Based on application, the banks segment is anticipated to lead the global cheque scanner market during the forecast period. Banks process and clear many cheques on daily basis, therefore they are deploying scanners at various branches to reduce the overall time taken for cheque clearance as well as to follow the government guidelines promoting digital cheque process

The report segments the global Market as follows:

By Type (Single-feed Cheque Scanners and Multi-feed Cheque Scanners) and

By Applications (Banks, Enterprises and Financial Institutions)

Answers that the report acknowledges:

• Market size and growth rate during forecast period.
• Key factors driving the Market.
• Key market trends cracking up the growth of the Market
• Challenges to market growth.
• Key vendors of Cheque Scanner Market
• Detailed SWOT analysis.
• Opportunities and threats faces by the existing vendors in Global Market>
• Trending factors influencing the market in the geographical regions.
• Strategic initiatives focusing the leading vendors.
• PEST analysis of the market in the five major region

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Contact Person: Sameer Joshi
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Phone: +1-646-491-9876

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