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Magnetic Ink Character Recognition (MICR) Devices Market (Technology - MICR Printing, and Recognition Technology; End User - Government, BFSI, Healthcare, Retail, Hospitality, Manufacturing, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027

  • Published : November, 2021

  • Rep Id : ICT003020

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

A recent report published by Infinium Global Research on the magnetic ink character recognition (MICR) devices market provides in-depth analysis of segments and sub-segments in the global as well as regional magnetic ink character recognition (MICR) devices market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional magnetic ink character recognition (MICR) devices market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global magnetic ink character recognition (MICR) devices market. According to the report, the global magnetic ink character recognition (MICR) devices market is projected to grow at a CAGR of 4.16% over the forecast period of 2021-2027.

 

Market Insight

The MICR devices market in 2021 was valued at USD 1650.5 million and is projected to reach USD 2156.9 million in 2027. MICR technology has made the processing of data very fast. The errors are minimum in data entry using MICR technology. MICR technology is being used for encoding crucial data over documents across various businesses. This primarily includes BFSI and Government. A lot of paperwork is included and a huge of data is entered and processed by both verticals. Thus, the use of MICR technology includes MICR printing and Recognition technology. MICR printers are used for printing MICR codes on rebate checks, official checks, money orders, insurance documents, deposit slips, and others. The financial transactions or processes done using MICR technology are precise fast and safe. 


The Covid-19 pandemic affected the MICR devices market like other markets. The demand for new MICR devices slowed down from the end-user industries. The forced lockdowns and closing of businesses affected the demand and usage of MICR technology and devices. The banking and insurance processes done in person declined sharply, this further affected market. Most of these processes were done using online modes. The manufacturing companies in the market were also affected as the demand slowed down. The sourcing of components and raw materials was disrupted due to restrictions on their transportation. The demand is expected to again gain momentum as the business is adjusting. Also, the opening of financial institutions will increase the physical banking processes involving MICR technology. The market for MICR devices is driven by many factors. Growing demand from BFSI is one of them. The volume of financial transactions done by BFSI is growing rapidly. The growing financial literacy, easy availability of baking services, financial inclusion of people, and growth in insurance is responsible for increased financial transactions.  The use of MICR technology leads to fast, safe, and precise financial transaction processes and paperwork.  As the use of MICR technology is growing so does the adoption of MICR devices around the industrial verticals. Secure processing of documents has always been prevalent in businesses around the world. The importance of MICR technology is also underlined due to growing frauds and scams around the world. The documents encoded using MICR technology are hard if not near impossible to forge. Thus, the risk of being scammed or being frauded reduces greatly. The only restraint the market faces is the growing digitalization trend. Paperless business processes are gaining importance thus hampering the MICR devices market. New opportunities are expected to arise technological advancements are expected such as new printing technologies or new recognition technologies are expected to come into the market.  


Asia-Pacific is expected to be the dominant region in the market. Also, North America is expected to grow at the fastest rate. The adoption of MICR devices is high in the BFSI industry in the Asia-Pacific region. Players such as Fujifilm Holdings Corporation and Seiko Epson Corporation are based in the region. North America has a high technological base and has always been the leader in introducing new innovative MICR printing and recognition technologies. Companies such as Source Technologies, Inc. have introduced many new technologies in the MICR devices market in the region. 

 

Segment Covered

The report on global magnetic ink character recognition (MICR) devices market covers segments such as technology, and end user. On the basis of technology, the sub-markets include MICR printing, and recognition technology. On the basis of end user, the sub-markets include government, BFSI, healthcare, retail, hospitality, manufacturing, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Source Technologies, Inc., MagTek, Inc., Rosetta Technologies Inc., Xerox Corporation Ltd., Hewlett Packard Company, Apollo Electronics Co., Ltd., Seiko Epson Corporation, Uniform Industrial Corporation, ZIH Corp., and Fujifilm Holdings Corporation.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of magnetic ink character recognition (MICR) devices market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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