The Global Magnetic Ink Character Recognition (MICR) Printer Market is expecting around 1.4% CAGR CAGR during 2021-26, states MarkNtel Advisors in their recent research report. It owes to the rapidly increasing demand for MICR printers to print certificates & expand banking services across banks & financial institutions. The capabilities of MICR printers to use special fonts & magnetic ink for printing magnetic characters readable by electronic data processing systems are driving their demand worldwide.
Additionally, these printers are used extensively for printing depository transfers & load coupons, among other MICR-encoded documents. As a result, their rapid adoption & utilization across end-users like banking & financial, retail, healthcare, government, etc., would drive the global market in the coming years, further states the research report, “Global Magnetic Ink Character Recognition (MICR) Printer Market Analysis, 2021.”
Banks & Financial Institutions to Demonstrate the Fastest Market Growth through 2026
The extensive adoption of MICR printers across the banking & financial sector is primarily due to their features like secure printing solutions to help eliminate challenges like frauds, forgery, and counterfeiting. Additionally, the rapidly growing banking sector & its increasing preference toward secure modes of business operations is another crucial aspect augmenting the demand for MICR printers for a fast, easy, & safe printing of checks & sensitive data and driving the market across the banking & finance sector.
With Mounting Prevalence of Leading Players, North America Acquired the Largest Market Share
The extensive presence of prominent market players & their active participation in the market through several research & development activities on MICR printers to enhance their portfolio & scalability are the prime aspects attributed to the significant market growth across North America.
In the region, the US is the leading market, primarily due to the increasing adoption of MICR printers to print financial documents used across the rapidly expanding banking, finance, & retail sectors of the country, further states MarkNtel Advisors in their research report, "Global Magnetic Ink Character Recognition (MICR) Printer Market Analysis, 2021."
Leading Companies in the Market
According to MarkNtel Advisors, the leading players in the Global Magnetic Ink Character Recognition (MICR) Printer Market are HP, Lexmark, Xerox Fuji, Ricoh, Canon, IBM, Brother, Lenovo, Delphax Technologies Inc., & Relyco.
Key Questions Answered in the Study