The report "Global Magnetic Ink Character Recognition Device Market, By Technology Type (MICR Printing and Recognition Technology), By End User (Banks and Financial Institutes, Government Agencies, Business Organizations, and Others), and Region - Global Forecast to 2029" Global Magnetic ink character recognition device market is projected to grow from US$ 5.3 Million in 2020 to US$ 6.6 Million by 2029. Rising adoption of MICR technology by banking, financial services and insurance (BFSI) to read and scan information and to verify originality of document is key factor driving growth of the global magnetic ink character recognition devices market. In Addition, increasing incidences of false written document and frauds has lead to increasing demand for secured document identification methods. This factor is propelling growth of the global magnetic ink character recognition devices market. Increasing product launches by major players in the target market is expected to create growth opportunities for the global market.
Key Market Insights from the report:
The global Magnetic Ink Character Recognition Device market accounted for US$ 5.3 Million in 2020 and is projected to register a CAGR of 2.4 % over the forecast period. The market report has been segmented on the basis of technology type, end user, and region.
- By technology type, the global magnetic ink character recognition device market is segmented into MICR printing and recognition technology.
- By end user, the government agenciessegment accounted for major revenue share in 2018, owing to growing demand for high quality audio and video content.
- By region, Asia Pacific magnetic ink character recognition device market accounted for major revenue share of the global magnetic ink character recognition device market and is further anticipated to maintain its dominance over the forecast period. This is owing to presence of market players and high adoption rate of MICR devices in the countries of the Asia Pacific region. North America magnetic ink character recognition device market accounted for second-highest market share, in 2018.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on " Global Magnetic Ink Character Recognition Device Market”, By Technology Type (MICR Printing and Recognition Technology), By End User (Banks and Financial Institutes, Government Agencies, Business Organizations, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, and Middle East Africa)- forecast till 2029
Key Highlights:
- In April 2018, for instance, Canon Inc. had announced Its leading sheet-fed inkjet portfolio with the new Oce VarioPrint i200 inkjet press and MICR inks.
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https://www.prophecymarketinsights.com/market_insight/Global-Magnetic-Ink-Character-Recognition-534
The prominent player operating in the global magnetic ink character recognition device market includes Canon Inc., ACOM Solutions Inc., Epson America Inc., Hewlett Packard Company, Xerox Corporation Ltd., Murni Solusindo Nusantara, MagTek, Inc., Panini SpA, Rosetta Technologies Inc., and Vertical Infonet Pvt. Ltd.
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