The Global Magnetic Ink Character Recognition (MICR) Printer market is growing at a lucrative rate owing to the factors such as burgeoning use of MICR technology printer in government and healthcare for printing and scanning documents, the perennial inclination of the fashion industry and textile manufacturers from analogue printing to digital printing and escalating demand for large-format printers for producing large banners, posters, and signs. Besides these, the launch of technologically advance printer by the market players, increasing government spending on construction of new hospital facilities and significant demand for MICR printer among retail stores and small businesses to help in processing check is projected to place an optimistic impact on the growth of the market in the forecast period.
According to MarkNtel Advisors’ research report “Global Magnetic Ink Character Recognition (MICR) Printer Market Analysis, 2021”, the Global Magnetic Ink Character Recognition (MICR) Printer market is anticipated to grow at a CAGR of around 1.4% during 2021-26. Based on Application, Banking and Financial institution acquired the largest market in the 2020 on account of rising incident of document frauds and forging has increased the demand for MICR. The MICR line is printed on the banking documents such as bank account number, cheque number. The MICR printer is used to read and scan information directly into a data-collection device and to validate its authenticity. Moreover, it helps the bank and financial institution to ease the processing and clearance of cheques and other financial documents.
“Global Magnetic Ink Character Recognition (MICR) Printer Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Magnetic Ink Character Recognition (MICR) Printer providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Asia Pacific Exhibits the Fastest Growth
Asia-Pacific is expected to attain highest CAGR by 2026. The growth of the region is attributed to strong presence of giant market player, increasing adoption rate of MICR devices in retail and banking among countries such as India, China, Japan and introduction of advanced MICR printer due to burgeoning demand for fast and secure document processing technology. Moreover, surging investment in healthcare industry due to outbreak of COVID-19 and escalating technological advancements in the printing solutions are expected to bolster the growth of the Magnetic Ink Character Recognition (MICR) Printer Market in the forthcoming period as stated in MarkNtel Advisors’ research report “Global Magnetic Ink Character Recognition (MICR) Printer Market Analysis, 2021”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Global Magnetic Ink Character Recognition (MICR) Printer market are HP, Lexmark, Xerox, Ricoh, Canon, IBM, Fuji, Lenovo, Delphax Technologies Inc., Relyco, Others etc.
Key questions answered in the study: