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Magnetic Ink Character Recognition is a system of character recognition that uses special ink and characters. When a document containing this ink needs to be read, it passes through a machine that magnetizes the ink and then translates the magnetic information into characters. It is a technology used to verify the originality of paper documents, such as cheques and passbooks. In the printing process, special ink that is sensitive to the magnetic field is used to print on the original documents. The benefits of MICR technology are high precision, faster speed, and greater security than Optical Character Recognition (OCR). MICR is a character-recognition technology used to streamline the processing and clearance of cheques and other documents, primarily by the banking industry.
Rising Demand for Fast and Secure Document Processing Technology
For making MICR characters, iron-oxide ink is used. These characters can be read if the document is hidden or covered by unknown marks or overprinted. The MICR system provides a high level of security where the MICR characters are required to follow a strict format and to use specific iron-oxide ink which makes the theft document free and difficult to forget. Xerox Corporation, a well-known brand in the MICR market, supplies MICR technology and printers that end-users can perform at high speeds. This company supplies high-speed MICR printers that process 2000 or more documents per minute and are therefore used in large operating banks, clearinghouses, and processing centers. In recent years, the cases of cybersecurity thefts and cyber-attacks are increases which boosts the demand for MICR technology during the forecast period.
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Increasing Demand in BFSI Services
The BFSI sector is rising at a very high pace, owing to major investments in new technology, population growth, and much more. MICR primarily used in the banking industry to ease the operation, clearance of cheques, and other documents. This technology helps MICR readers to search and read the information directly from the data collection system. MICR has a nine-digit code that is easily readable by humans. In the MICR code, the first three digits represent the bank branch's city code. The bank code is represented by the next three digits and the bank branch represents the next three digits. To help computers recognize the characters and to reduce check fraud, the two distinctive MICR fonts such as E-13B and CMC-7 are used globally. Hence, BFSI services will increase the MICR demand over the forecast year.
However, the optimization of data storage, readiness, bandwidth, and data accuracy are the current industry developments that are generating new opportunities for the market for MICR devices. Consequently, in the coming years, the increasing proliferation of advanced payment methodologies is expected to impede the growth of the demand for MICR devices. In addition, the high cost of the MICR readers, printers, and ink toners needed for printing is expected to limit the growth of the worldwide market for MICR devices.
By Processing Speed
Due to the presence of market players and the high adoption rate of MICR devices among countries in this region, Asia Pacific accounts for a major market share in the global market for magnetic ink character recognition (MICR) devices. The market is expected to experience substantial growth in North America and is expected to have a CAGR of 2.8 percent during the forecast period, followed by the market in Europe.
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa and Rest of the Middle East & Africa)
The report also covers detailed competitive analysis of major market players of the global magnetic ink character recognition market such as ACOM Solutions Inc., Canon Inc., Hewlett Packard Company, EPSON AMERICA INC., Murni Solusindo Nusantara, MagTek Inc., Rosetta Technologies Inc., Source Technologies, Troy Group Inc., Xerox Corporation Ltd and other major & niche players. The global market for magnetic ink character recognition is witnessing a wide range of industry activities such as product launch, innovation, acquisition, partnership, research & development, and expansion across the globe.
The report profiles various major market players such as
Competitive landscape analysis provides a detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development, and other market activities). The study also provides the company’s positioning and market share of the overall market.
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Timeline Considered for Analysis:
- 2019: Base Year
- 2020: Estimated Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges, and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyses the global magnetic ink character recognition market by the following segments:
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Key Questions Answered in the Global Magnetic Ink Character Recognition Industry Report
The report offers a comprehensive insight on the Magnetic Ink Recognition Devices (MICR) Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
We offer customizations as per client’s specific needs.