New York, March 2022: Axiom Market Research & Consulting™ added a report on Magnetic Ink Character Recognition market which includes study on product, scar type, end user, and geography. Magnetic Ink Character Recognition market was projected to grow at a CAGR of 1.79 % for the forecast period 2022 to 2028. The global market is estimated and forecasted in terms of revenue (USD Million) generated by the Magnetic Ink Character Recognition market.
Magnetic ink character recognition (MICR) is a technology used to confirm the originality or legitimacy of paper documents, particularly cheques. Special ink, which is sensitive to magnetic fields, is used in the printing of particular characters on the original documents. Information can be encoded in the magnetic characters. The use of MICR technology can reduce the losses caused by some types of crime and improve security. For instance, MICR technology or magnetic-ink line do not respond to some forged or fake cheque produced using a color photocopying machine. It will generate an inappropriate code when scanned using a device designed to recover the information in the magnetic characters.
The report analyses the Magnetic Ink Character Recognition market based on the products, end user and geography. Based on the product, the Magnetic Ink Character Recognition market is segmented into inkjet printer and laser printer. By End User the Magnetic Ink Character Recognition market is segmented into BFSI, Healthcare, Retail Agency and Others. Geographically, the Magnetic Ink Character Recognition market is studied for the regions including North America, Europe, Asia Pacific, and Rest of the World.
MICR or magnetic ink recognition printer use magnetically chargeable ink or toner to print the number or special characters on bottom of financial documents and cheques. Mostly these type of printers are used in banks. The MICR line numbers are used to minimize the exposure and to detect fraud. The MICR line numbers used in South America as well as in Europe are CMC-7 type, whereas E-13B is used in North America, UK and Australia. The printed ink on document can be used to detect forged or counterfeit cheques.
BFSI has the biggest market share for MICR printers as these printers are widely adopted. Particularly in BFSI sector the MICR printers are primarily used to print particular numbers and characters on the bottom of the cheque. These characters are printed by special MICR ink which cannot be counterfeited or forged. Hence these printers are of great use in BFSI sector as it helps the industry in detecting fake cheques which in turn is helping in reducing loss. Therefore, this industry is experiencing high adoption of MICR printers across the world. Similarly, in healthcare industry the printers are used for printing medical prescription and other crucial documents such as birth certificates and death certificates.
APAC region is considered to be the fastest developing reason in aspects of technology and economy which is why the industries like banking, retail, healthcare etc. are growing rapidly and providing a lucrative growth opportunity for the MICR printer market to grow. In this region, China is the major market for the MICR printer owing to the presence of retail industry which is one of the strongest retail industries across the globe.
The key players in the Magnetic Ink Character Recognition market are are Apollo Electronics Co Ltd , Canon, Inc.,Inotech System, Fujifilm Holdings Corporation , Glory Global Solutions, Kerning Data Systems Inc. ,Dell, Maverick International , Rototype Spa., Seiko Epson Corporation , Source Technologies, Troy Group, Inc. ,Xerox Corporation, Ricoh ,Lexmark, Rosetta Technologies Corporation ,Brother among others.
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