Magnetic Ink Character Recognition Devices Market : Projection of Each Major Segment over the Forecast Period.

Global Magnetic Ink Character Recognition (MICR) Devices Market: Snapshot

Magnetic ink character recognition (MICR) technology, deployed to validate the originality or legitimacy of paper documents, specifically checks, has been seeing steady uptake for their ability to facilitate fast and secure document management. End-users such as government, retail, transportation and banking, financial services and insurance (BFSI) are contributing to their demand. They rely on MICR technology for high-quality and cost-effective financial document and check printing.

Dual magnetic reader and hybrid devices are the major recognition technology which is expected to generate demand for magnetic ink character recognition devices over the forecast period. Posing a roadblock to the market, on the other hand, is the steep cost of MICR readers and printers. Emergence and subsequent popularity of digital transactions has also served to crimp demand in the market.

As per a report by Transparency Market Research, the global market for magnetic ink character recognition devices market will likely register a 1.6% CAGR from 2017 to 2025 to become worth US$665.6 mn by 2025.

Obtain Report Details @
https://www.transparencymarketresearch.com/magnetic-ink-recognition-devices-market.html

Demand for Secure and Efficient Checks Makes MICR Printing Technology Dominant

Depending upon the type of technology, the global magnetic ink character recognition (MICR) devices market can be broadly segmented into MICR printing and recognition technology. The MICR printing technology can be further divided into ribbon encoding and non-impact MICR printing. The recognition technology can also be divided again into waveform readers, matrix readers, dual magnetic reader, and hybrid device.

Of the two, the segment of recognition technology accounted for over 60.0% share in the market in 2016 due to rising demand for secure and efficient check and financial document processing across the industries.

Based on end-users, the global magnetic ink character recognition (MICR) devices market can again be divided into government agencies, banks and financial institutes, business organizations, and others including retailers, etc. Of them, government agencies will likely grow at a steady 2.0% CAGR in the forecast period owing to rising usage of MICR technology by them to accelerate documents sorting.

Request Sample @
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=3154

Thriving Retail Payment System Using Checks Drives Demand in Asia Pacific

From a geographical standpoint, Asia Pacific leads the global magnetic ink character recognition (MICR) devices market. In 2016, its dominant share came to about 35.0%. Increasing uptake of MICR technology for printing and scanning documents or checks across the region has served to boost its market. For instance, checks continue to play an important role in India’s retail payment system, in which around 4.5 million inter-bank checks are cleared every day. MICR devices help to increase speed of check processing.

Some of the prominent participants in global magnetic ink character recognition devices market are ACOM Solutions, Inc., Canon, Inc., Hewlett Packard Company, Epson America, Inc., Murni Solusindo Nusantara, MagTek, Inc., Rosetta Technologies, Inc., Source Technologies, Troy Group, Inc., Xerox Corporation Ltd, Uniform Industrial Corporation, and ZIH Corp.

About Us

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Each TMR Syndicated Research report covers a different sector – such as pharmaceuticals, chemical, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, our syndicated reports thrive to provide clients to serve their overall research requirement.

Contact

Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com

This release was published on openPR.