Technology

Cheque Scanner Market Overview & Industry Status by 2028

The cheque scanner market was valued at US$ 721.52 million in 2020 and is projected to reach US$ 1,079.55 million by 2028; it is expected to grow at a CAGR of 5.3% during the forecast period from 2021 to 2028.

The cheque scanner market is broadly segmented into five major regions—North America, Europe, APAC, MEA, and SAM. North America dominated the market in 2020. The region has the presence of multinational companies engaged in the business of providing cheque scanner, which makes it a leading and dominant region of cheque scanner market. Digital Check, ARCA, MagTek, NCR Corporation, Eastman Kodak Company, and RDM Corporation are among the players operating in the cheque scanner market in North America.

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Cheque Scanner Market – Companies Profiles

  • PANINI S.p.A.
  • Epson Corp
  • Canon Inc.
  • Digital Check
  • ARCA
  • MagTek
  • NCR Corporation
  • Eastman Kodak Company
  • RDM Corporation
  • Lagona

Impact of COVID-19 Pandemic on Cheque Scanner Market

According to latest report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, India, Turkey, Brazil, Iran, and China are among the worst affected countries due to COVID-19 outbreak. The outbreak crisis adversely affected industries across the world and the global economy witnessed a worst hit in 2020, and showed an impact in the first quarter of 2021. The COVID-19 outbreak has created significant disruptions in the manufacturing industries as a result of lockdown measures imposed for controlling the spread of the virus. Due to temporary shutdown of manufacturing plants, the production of cheque scanner systems has also been halted. Moreover, restrictions on the people’s movement and supply chain are disrupting the development and procurement of cheque scanners. However, rising awareness of social distancing is propelling the demand for digital banking globally, which would boost the cheque scanner market in forthcoming period. Now, customers are preferring online banking platforms for performing tasks such as clearing cheques, cheque deposit & payment, and other financial activities than visiting banks. This aspect would strengthen the use of mobile deposit services and remote deposit capture technologies in the coming years.

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The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.

In 2020, Kodak formed alliance with Southern Lithoplate Inc. (SLP). In this alliance, Southern Lithoplate became a key supplier of Kodak solutions. This arrangement leverages Southern Lithoplate’s strong customer relationships and expertise within the newspaper sector and Kodak’s world-class products and technology.
In 2019, Digital Check declared Micro Adaptive Cheque and Full-Page Document Scanner in Brazil. The SmartSource Micro Adaptive cheque and document scanner launched to the Brazilian market, at the CIAB FEBRABAN conference.
In 2019, Panini announced its partnership with the Alogent Corp. With this partnership, the company’s focus on developing the first operating system agnostic, all-in-one check capture solution used to meet the branch capture requirement of financial institutions and small businesses and merchants.

The global cheque scanner market has been segmented as follows:

Cheque Scanner Market – by Type

Single-Feed Cheque scanner
Multi-Feed Cheque scanner

Cheque Scanner Market – by Application

Banks
Enterprises and Financial Institutions

Cheque Scanner Market – by Region

North America
US
Canada
Mexico
Europe
France
Germany
Italy
UK
Russia
Rest of Europe
Asia Pacific (APAC)
China
India
South Korea
Japan
Australia
Rest of APAC
Middle East and Africa (MEA)
South Africa
Saudi Arabia
UAE
Rest of MEA
South America (SAM)
Brazil
Argentina
Rest of SAM

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