The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global Magnetic Ink Character Recognition (MICR) Printer market. In addition, complete analysis of changes on the global Magnetic Ink Character Recognition (MICR) Printer market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. The worldwide financial disaster caused by the COVID-19 pandemic has negatively impacted the magnetic ink character recognition printers market similar to other industries. Manufacturers of the magnetic ink character recognition printers are focusing on to overcome the interruptions caused owing to forced lockdown and shutting down of businesses and manufacturing facilities. These manufacturers are re-establishing their businesses by implementing advanced strategies to address challenges in the global magnetic ink character recognition printer market. Technological developments in the MICR technology aid manufacturers to develop MICR devices such as printers, toners, scanners and many others to improve productivity.
The key factor driving the market growth increasing demand of MICR devices for fast and secure document processing. Document management has developed as a technology across the globe. Presently, the optimization of storage, readiness, bandwidth, and accuracy of data are the modern trends in the market. Increased use of MICR printers in the financial institutions. Technical advancements and digitalization generate need for security services to reduce frauds in BFSI operations, transaction processes, etc. The growing demand for secure document processing in banks, insurance companies and other financial institutions fuels the global magnetic ink character recognition (MICR) printer market growth. Rapid technological advancement in various industries. The growing awareness and adoption of advanced printing technologies and increasing technological advancements in several end-use industries in developing countries is impelling the demand for MICR printers across the globe. Emerging trends and technological growth in the BFSI, healthcare and government sector are generating profitable opportunities for the market players to improve quality and performance of prints.
The global Magnetic Ink Character Recognition (MICR) Printer market rising cybercriminals across the globe demand efficient security measures to protect valuable documents and transaction details for such threats. Thus, manufacturers operating in the magnetic ink recognition (MICR) devices market are witnessing potential revenue opportunities. As online frauds has increases nowadays to overcome this printer are used to print the cheque so that the cheques can have unique number and ink on it.
The major restraining factor for the global magnetic ink character recognition (MICR) printer market is increased digitalization has reduced the paper and printing work and drawbacks of MICR technology. Surged digitalization has influenced several business activities including companies’ business models by allowing numerous novel forms of cooperation between companies and leading to new service and product offerings as well as new forms of company relationships with employees and customers.
The major growth challenge for the market is that it can recognize only 10 digits & 4 special characters. Alphanumeric characters are not used in MICR. Only certain characters can be read. It is more expensive method of data entry. As it is restricted to number and alphabets are not included in it. This is the main challenge for this market to overcome this.
The report provides in-depth analysis of global Magnetic Ink Character Recognition (MICR) Printer market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various Magnetic Ink Character Recognition (MICR) Printer in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2021-2028.
The global Magnetic Ink Character Recognition (MICR) Printer market comprises of different market segment like type, end user and geography.
The type studied in the global Magnetic Ink Character Recognition (MICR) Printer market are Inkjet and Laser Printer. Inkjet MICR and Laser Printer are the types of Magnetic Ink Character Recognition (MICR) Printer covered in this market study. 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. Apart from being used to print cheques, the MICR printers are widely used for printing of financial documents such as coupons and credit card invoices. An inkjet MICR printer can print around 20 pages per minute, however inkjet printers aren’t nearly as scalable as laser printers. On the other side, a laser MICR printer offers more speed around 26-62 paper per minute.
The major end users of MICR printers are BFSI, healthcare, retail agency and others which include government and education sector. 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. The industry is experiencing rising adoption to MICR printing as these documents are very crucial. Furthermore, the MICR printing is rapidly adopted in retail these printer helps to improve billing facility in store.
The global Magnetic Ink Character Recognition (MICR) Printer market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). North America comprises U.S., Canada and Mexico. Whereas Europe covers Germany, France, Italy, UK, Spain and Rest of Europe. The key countries included under Asia Pacific regions are China, India, Japan and Rest of Asia Pacific. Rest of the World includes Latin America and Middle East & Africa. MICR printers are the one which use magnetic ink to print the number or codes on various documents in order to mitigate fraud and to ensure overall security of the document. The MICR Printer market has been followed by the Asia-Pacific region, this 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. Europe region is considered to be one of the important markets for the MICR printers owing to the one of the most advanced and wide network of banking system in this region. Growing retail industry is also expected to contribute in the growth of MICR printer market.
The competitive landscape analysis of Magnetic Ink Character Recognition (MICR) Printer market is certainly based range of market players operating in the food & beverage market with increasing demand for production of Magnetic Ink Character Recognition (MICR) Printer. Besides, number of market players offered wide range of products for different application in various geographic locations. The market has major competitive analysis based on new product launches as well as other developments.
The key players studied in market 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 are among others.
May 2021: TROY Group, Inc., has announced the release of its newest MICR printer, the TROY M406. With a growing need for enhanced print security, businesses are looking for printers that are hack-resistant and help protect cheques and printed documents. TROY's new MICR M406 printer offers a secure solution for small and medium businesses. Fast printing, along with features specific to cheque printing, make cheque printing easy and efficient for organizations and give them peace of mind.
January 2021: Source Technologies, has announced the launch of the new ST9817 security MICR printer, replacing the ST9815 printer. The printer is ideal for banking, finance, healthcare, human resources, accounting and logistics office, government, mortgage and other MICR secure printing and printing applications. Source Technology is pleased to announce that we are revamping our MICR product line.
July 2020: Xerox announces the new Xerox AltaLink® C8100 and Xerox AltaLink B8100 Series Multifunction Printers (MFPs). These better support today's flexible work environment and help businesses access the app's ConnectKey® ecosystem to accelerate digital transformation.
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 market is divided by products (inkjet printer and laser printer), end user (BFSI, Healthcare, Retail Agency and Others) and geography. The global Magnetic Ink Character Recognition (MICR) Printer market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). North America comprises U.S., Canada and Mexico. Whereas Europe covers Germany, France, Italy, UK, Spain and Rest of Europe. The key countries included under Asia Pacific regions are China, India, Japan and Rest of Asia Pacific. Rest of the World includes Latin America and Middle East & Africa.
1) What are the drivers for Magnetic Ink Character Recognition (MICR) Printer market?
The key driving factors of the market are increasing demand of MICR devices for fast and secure document processing, increased use of MICR printers in the financial institutions and rapid technological advancement in various industries.
2) Which is the leading end user segment for Magnetic Ink Character Recognition (MICR) Printer market?
BFSI has accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
3) Which region is gaining majority of market share during the forecast period (2021-2028)?
North America is expected to gain major market share during the forecast period (2021-2028).