Magnetic Ink Character Recognition (MICR) Devices Market By Technology Type (MICR Printing, Recognition Technology), By End-User (Bank And Financial Institutions, Government Agencies, Business Organizations) - Growth, Future Prospects And Competitive Analysis, 2019 - 2027
Reinvention of Customer Experience is driving the Magnetic ink character recognition (MICR) devices Market
The magnetic ink character recognition (MICR) devices market worldwide is expected to grow with a CAGR of 2.5% during the forecast period from 2019 to 2027, starting from US$ 557.0 Mn in 2018. Increasing demand for a fast and safe document processing technology has forced the companies to develop an advanced MICR device. A magnetic ink character recognition (MICR) device is deployed to validate the originality of a document, specifically checks. The adoption of smartphones and downloadable applications has led to various innovations in the magnetic ink character recognition (MICR) devices. Hence, we expect that the magnetic ink character recognition (MICR) devices market will show significant growth during the forecast period.
Financial Institutions Segment will Led the Market
Banking and financial institutions shall lead the magnetic ink character recognition (MICR) devices market based on the end-user type. The capability of MICR devices has led to adoption of the same in various banking and financial institutions. MICR devices help a quick processing of banking instruments. On the other hand, government agencies shall mark a steady growth rate during the forecast period. The usage of MICR devices in government agencies shall be in verification of documents and examine the authentication. Thus, we expect that the banking and financial institutions segment will be the largest revenue sharing segment during the forecast period 2019-2027.
North America to Grow Significantly during the Forecast Period
In 2018, Asia Pacific has a significant share of over 33% in the global magnetic ink character recognition (MICR) devices market. Increasing thrust on effective management and control of document printing and scanning process across the region. Further, it is anticipated that North America will grow extensively during the forecast period. The demand for MICR equipment in various agencies shall support the market in the North American region. Thus, we expect that North America region will be the fastest growing region throughout the forecast period.
Some of the prominent players operating in the magnetic ink character recognition (MICR) devices market 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.
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The magnetic ink character recognition (MICR) devices market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of global magnetic ink character recognition (MICR) devices market based on technology type, end-user and geography. Key segments covered in the report are as follows:
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2017-2027 |
| Base Year | 2018 |
| Forecast Period | 2019-2027 |
| Historical Year | 2017 |
| Unit | USD Million |
| Segmentation |
Technology Type (2017–2027; US$ Mn) |
|
End-User (2017–2027; US$ Mn) |
|
|
Geography Segment (2017–2027; US$ Mn) |
Key questions answered in this report
- What was the market size of magnetic ink character recognition (MICR) devices in 2018 and forecast up to 2027?
- Which is the largest regional market for magnetic ink character recognition (MICR) devices?
- What are the major trends followed in overall magnetic ink character recognition (MICR) devices across different regions?
- Who are the key magnetic ink character recognition (MICR) devices companies leading the market?
- What are the key strategies adopted by the leading magnetic ink character recognition (MICR) devices companies in market?
Unique data points of this report
- Recent trends across different regions in terms of adoption of magnetic ink character recognition (MICR) devices across various applications
- Notable developments going on in magnetic ink character recognition (MICR) devices market
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
1. Preface
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.3.4. Approach Adopted
1.3.4.1. Top-Down Approach
1.3.4.2. Bottom-Up Approach
1.3.5. Assumptions
1.4. Market Segmentation
2. Executive Summary
2.1. Market Snapshot: Global MICRD Market
2.2. Global MICRD Market, by Technology Type, 2018 (US$ Mn)
2.3. Global MICRD Market, by End-User, 2018 (US$ Mn)
2.4. Global MICRD Market, by Geography, 2018 (US$ Mn)
3. Market Dynamics
3.1. Introduction
3.1.1. Global MICRD Market Value, 2017-2027, (US$ Mn)
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.2. Market Restraints
3.3. Attractive Investment Proposition, by Geography, 2018
3.4. Market Positioning of Key Players, 2018
3.4.1. Major Strategies Adopted by Key Players
4. Global Magnetic Ink Character Recognition Devices (MICRD) Market, by Technology Type , 2017-2027 (US$ Mn)
4.1. Overview
4.2. MICR Printing
4.3. Recognition Technology
5. Global Magnetic Ink Character Recognition Devices (MICRD) Market, by End-User, 2017-2027 (US$ Mn)
5.1. Overview
5.2. Bank and Financial Institutions
5.3. Government Agencies
5.4. Business Organizations
6. North America Magnetic Ink Character Recognition Devices (MICRD) Market Analysis, 2017-2027 (US$ Mn)
6.1. Overview
6.1.1. North America MICRD Market Value and Growth, 2017-2027, (US$ Mn)
6.2. North America MICRD Market Value, By Technology Type, 2017-2027 (US$ Mn)
6.2.1. Market Analysis
6.3. North America MICRD Market Value, By End-User, 2017-2027 (US$ Mn)
6.3.1. Market Analysis
6.4. North America MICRD Market Value, By Region/Country, 2017-2027 (US$ Mn)
6.4.1. Market Analysis
6.4.2. U.S.
6.4.3. Rest of North America
7. Europe Magnetic Ink Character Recognition Devices (MICRD) Market Analysis, 2017-2027 (US$ Mn)
7.1. Overview
7.1.1. Europe MICRD Market Value and Growth, 2017-2027, (US$ Mn)
7.2. Europe MICRD Market Value, By Technology Type, 2017-2027 (US$ Mn)
7.2.1. Market Analysis
7.3. Europe MICRD Market Value, By End-User, 2017-2027 (US$ Mn)
7.3.1. Market Analysis
7.4. Europe MICRD Market Value, By Region/Country, 2017-2027 (US$ Mn)
7.4.1. Market Analysis
7.4.2. U.K.
7.4.3. Germany
7.4.4. France
7.4.5. Rest of Europe
8. Asia Pacific Magnetic Ink Character Recognition Devices (MICRD) Market Analysis, 2017-2027 (US$ Mn)
8.1. Overview
8.1.1. Asia Pacific MICRD Market Value and Growth, 2017-2027, (US$ Mn)
8.2. Asia Pacific MICRD Market Value, By Technology Type, 2017-2027 (US$ Mn)
8.2.1. Market Analysis
8.3. Asia Pacific MICRD Market Value, By End-User, 2017-2027 (US$ Mn)
8.3.1. Market Analysis
8.4. Asia Pacific MICRD Market Value, By Region/Country, 2017-2027 (US$ Mn)
8.4.1. Market Analysis
8.4.2. Japan
8.4.3. China
8.4.4. India
8.4.5. Rest of Asia Pacific
9. Rest of the World Magnetic Ink Character Recognition Devices (MICRD) Market Analysis, 2017-2027 (US$ Mn)
9.1. Overview
9.1.1. Rest of the World MICRD Market Value and Growth, 2017-2027, (US$ Mn)
9.2. Rest of the World MICRD Market Value, By Technology Type, 2017-2027 (US$ Mn)
9.2.1. Market Analysis
9.3. Rest of the World MICRD Market Value, By End-User, 2017-2027 (US$ Mn)
9.3.1. Market Analysis
9.3.2.
9.4. Rest of the World MICRD Market Value, By Region, 2017-2027 (US$ Mn)
9.4.1. Market Analysis
9.4.2. Middle East & Africa
9.4.3. Latin America
10. Company Profiles
10.1. Hewlett Packard Company
10.2. Canon Inc
10.3. Panini SpA
10.4. MagTek Inc
10.5. Rosetta Technologies Inc
10.6. Epson America Inc
10.7. ACOM Solutions Inc
10.8. Xerox Corporation Ltd
10.9. Vertical Infonet Pvt. Ltd
10.10. Murni Solusindo Nusantara
* Here we are using MICRD as a short form of Magnetic Ink Character Recognition Devices
TABLE 1 Market Snapshot: Global Magnetic Ink Character Recognition Devices (MICRD) Market
TABLE 2 Global MICR Market, by Technology Type, 2017–2027 (US$ Mn)
TABLE 3 Global MICR Market, by End-User, 2017–2027 (US$ Mn)
TABLE 4 Global MICR Market, by Geography, 2017–2027 (US$ Mn)
TABLE 5 North America MICR Market, by Technology Type, 2017–2027 (US$ Mn)
TABLE 6 North America MICR Market, by End-User, 2017–2027 (US$ Mn)
TABLE 7 North America MICR Market, by Country, 2017–2027 (US$ Mn)
TABLE 8 Europe MICR Market, by Technology Type, 2017–2027 (US$ Mn)
TABLE 9 Europe MICR Market, by End-User, 2017–2027 (US$ Mn)
TABLE 10 Europe MICR Market, by Country/Region, 2017–2027 (US$ Mn)
TABLE 11 Asia Pacific MICR Market, by Technology Type, 2017–2027 (US$ Mn)
TABLE 12 Asia Pacific MICR Market, by End-User, 2017–2027 (US$ Mn)
TABLE 13 Asia Pacific MICR Market, by Country/Region, 2017–2027 (US$ Mn)
TABLE 14 RoW MICR Market, by Technology Type, 2017–2027 (US$ Mn)
TABLE 15 RoW MICR Market, by End-User, 2017–2027 (US$ Mn)
TABLE 16 RoW MICR Market, by Country/Region, 2017–2027 (US$ Mn)
FIG. 1 Global Magnetic Ink Character Recognition Devices (MICRD) Market: Research Methodology
FIG. 2 Market Size Estimation – Top Down & Bottom up Approach
FIG. 3 Global MICR Market Segmentation
FIG. 4 Global MICR Market, by Technology Type, 2018 (US$ Mn)
FIG. 5 Global MICR Market, by End-User, 2018 (US$ Mn)
FIG. 6 Global MICR Market, by Geography, 2018 (US$ Mn)
FIG. 7 Attractive Investment Proposition, by Geography, 2018
FIG. 8 Global Market Positioning of Key MICR Market Manufacturers, 2018
FIG. 9 Global MICR Market, by MICR Printing, Value, 2017–2027 (US$ Mn)
FIG. 10 Global MICR Market, by Recognition Technology, Value, 2017–2027 (US$ Mn)
FIG. 11 Global MICR Market, by Banking & Financial Institutions, Value, 2017–2027 (US$ Mn)
FIG. 12 Global MICR Market, by Government Agencies, 2017–2027 (US$ Mn)
FIG. 13 Global MICR Market, by Business Organizations, Value, 2017–2027 (US$ Mn)
FIG. 14 U.S. MICR Market, 2017–2027 (US$ Mn)
FIG. 15 Canada MICR Market, 2017–2027 (US$ Mn)
FIG. 16 U.K. MICR Market, 2017–2027 (US$ Mn)
FIG. 17 Germany MICR Market, 2017–2027 (US$ Mn)
FIG. 18 France MICR Market, 2017–2027 (US$ Mn)
FIG. 19 Italy MICR Market, 2017–2027 (US$ Mn)
FIG. 20 Rest of Europe MICR Market, 2017–2027 (US$ Mn)
FIG. 21 Japan MICR Market, 2017–2027 (US$ Mn)
FIG. 22 China MICR Market, 2017–2027 (US$ Mn)
FIG. 23 India MICR Market, 2017–2027 (US$ Mn)
FIG. 24 Rest of Asia Pacific MICR Market, 2017–2027 (US$ Mn)
FIG. 25 Middle East & Africa MICR Market, 2017–2027 (US$ Mn)
FIG. 26 Latin America MICR Market, 2017–2027 (US$ Mn)
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