Magnetic Ink Character Recognition (MICR) Devices Market To Grow At 2.5% CAGR During The Forecast Period From 2019- 2027

According to a new market research report published by Credence Research “Magnetic Ink Character Recognition (MICR) devices Market (( Technology Type- MICR Printing, Recognition Technology), (End-User- Banks and Financial Institutions, Government Agencies, Business Organizations)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall Magnetic ink character recognition (MICR) devices market worldwide was valued at US$ 557.0 Mn in 2018 and is set to grow with a CAGR of 2.5% during the forecast period.

Market Insights

Adoption of MICR technology by banking and financial institutions in order to validate a document or an instrument is primarily driving the magnetic ink character recognition (MICR) devices market. Magnetic ink character recognition (MICR) is a scanning technology to verify the originality of a paper which is printed with a special ink or character. Further incidences of forgery with documents and fraud is initiating the demand for secured production identification methods. This shall further drive the magnetic ink character recognition (MICR) devices market during the forecast period.

Based on technology type, the recognition technology segment has over 60% share in the magnetic ink character recognition (MICR) devices market. Owing to rise in demand for a secure and efficient financial document processing across various industries. The dual magnetic reader and hybrid devices shall majorly drive the demand for recognition technology based MICR devices. The segment has marked an exponential growth and due to demand from various industries shall nurture the market further. Thus we expect that the recognition technology segment will be the significantly growing segment during the forecast period.

Based on the geography, Asia Pacific dominates the magnetic ink character recognition (MICR) devices market in 2018. It held more than 35% of the total market share during 2018. On the other hand, North America shall be the fastest growing region during the forecast period. Rising adoption of MICR technology for printing and scanning of documents along with verification has led to a significant boost in the market in the North American region. Due to aforementioned reasons, we expect that North America shall be the fastest growing region during the forecast period 2019-2027.

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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