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Global Magnetic Ink Character Recognition (MICR) Devices Market: Overview
This report provides an analysis of the global MICR devices market for the period from 2015 to 2025, wherein the period from 2017 to 2025 comprises the forecast period and 2016 is the base year. Data for 2015 is provided as historical information. The report covers all the major trends and technologies playing a major role in the growth of the MICR devices market over the forecast period. It also highlights various drivers, restraints and opportunities expected to influence the markets growth during this period. The study provides a holistic perspective on the markets growth in terms of revenue in US$ Mn, across different geographical regions namely North America, Europe, Asia Pacific, Middle East & Africa and South America.
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Magnetic ink character recognition devices enables MICR readers to read and scan the information directly into a data-collection device. In addition, documents printed with MICR technology remain readable, even though over stamping, mutilation and marking. At present, the optimization of storage, readiness, bandwidth and precision of data are the latest trends in the market which is creating new opportunities for the MICR devices market. However, growing proliferation of advanced payment methodologies is expected to hinder the growth of the MICR device market in the coming years. Apart from this, high costs of the MICR readers, printers and ink toners required for printing is expected to restrict the growth of the MICR devices market around the globe.
The market overview section of the report showcases the market dynamics and trends such as the drivers, restraints and opportunities that influence the current nature and future status of this market. The report also provides the value chain analysis and key market indicators for the MICR devices market. The MICR devices market data estimates are the result of our in-depth secondary research, primary interviews and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological and legal factors along with the current market dynamics affecting the market growth.
Global Magnetic Ink Character Recognition (MICR) Devices Market: Segmentation
Magnetic ink character recognition devices market is bifurcated by technology and end-user. By technology, global MICR devices market is categorized into MICR printing and recognition technology. The MICR printing technology is further segmented into ribbon encoding and non-impact MICR printing. Furthermore, the recognition technology is further cross-segmented into waveform readers, matrix readers, dual magnetic reader and hybrid device. Based on end-user, global MICR devices market is categorized into banks and financial institutes, government agencies, business organizations and others such as retail, transportation and healthcare. The report covers analysis of these segments across all geographies, along with qualitative analysis for key market indicators supplementing the growth of MICR devices market during the forecast period.
Global Magnetic Ink Character Recognition (MICR) Devices Market: Competitive Analysis
The report also includes competitive profiling of the key players associated with the MICR devices market around the globe. The important business strategies adopted by them, their market positioning, financials, SWOT analysis, and recent developments have also been identified in the research report. The competitive landscape section of the report also gives an overview about the major contributing regions/countries by these key players in order to strengthen their market position in the future.
Rising demand for fast and secure document processing technology is forcing companies to develop advanced magnetic ink character recognition devices to continue the profitability of the market. Some of the major players in global MICR devices market are ACOM Solutions, Inc., Canon, Inc., Hewlett Packard Company, Epson America, Inc., Murni Solusindo Nusantara, MagTek, Inc., Panini SpA, Rosetta Technologies, Inc., Vertical Infonet Pvt.Ltd., Source Technologies, Troy Group, Inc., Xerox Corporation Ltd, Uniform Industrial Corporation and ZIH Corp.
Global Magnetic Ink Character Recognition Devices Market, by Technology
Non-Impact MICR Printing
Dual Magnetic Reader
Global Magnetic Ink Character Recognition Devices Market, by End-user
Banks and Financial Institutes
Others (Retailers, etc.)
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Global Magnetic Ink Character Recognition Devices Market, by Region:
Rest of North America
Rest of Europe
Asia Pacific (APAC)
Rest of APAC
Middle East and Africa (MEA)
Rest of MEA
Rest of South America
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