Magnetic Ink Character Recognition (MICR) is a technology that uses special magnetic ink to print sensitive & crucial data. MICR devices are used majorly across sectors like banking & finance, healthcare, retail, government, etc., to print checks & vouchers and eliminate the possibility of fraud & forgery of documents.
The Global Magnetic Ink Character Recognition (MICR) Printer Market is projected to grow at a CAGR of around 1.4% during the forecast period, i.e., 2021-26. The growth of the market is driven primarily by the capabilities & efficiency of MICR printers to print checks in-house and reduce the hassle of issuing new ones from banks.
Moreover, the mounting awareness about easy customization of checks is another prominent aspect propelling the demand for MICR printers across the banking & finance, retail, healthcare, & government sectors to enhance the security of signed checks, print certificates, etc. It, in turn, is projecting the presence of immense growth opportunities for the leading market players.
However, the high costs of MICR devices and rapid digitalization across different sectors with the adoption of advanced payment technologies can hamper the market growth, with market size declining from USD107 million in 2020 to USD 87 million by 2026.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: US, Canada, Mexico|
|Europe: Germany, UK, France, Italy, Spain|
|Asia-Pacific: China, India, Japan, South Korea, Australia|
|South America: Brazil|
|Middle East & Afric: UAE, Saudi Arabia, South Africa|
|Key Companies Profiled||HP, Lexmark, Xerox, Ricoh, Canon, IBM, Fuji, Lenovo, Delphax Technologies Inc., Relyco, etc.|
|Unit Denominations||USD Million/Billion|
Impact of Covid-19 on the Global Magnetic Ink Character Recognition (MICR) Printer Market
The Covid-19 pandemic in 2020 severely impacted most industries worldwide, where the Global Magnetic Ink Character Recognition (MICR) Printer Market was no exception. In the initial phase of the pandemic, stringent movement restrictions & lockdowns imposed by governments of different countries to curb the spread of this dreadful disease directly impacted the demand for MICR printers across banking, retail, tourism, hospitality, & many other sectors. Additionally, challenges like disrupted supply chain, reduced manufacturing, delays in the delivery of pre-produced products, among others, were faced by the market players.
In the second quarter, the restrictions on economic activities limited the public visits to crowded places, reducing the footfall across banks, retails, etc., and displayed an increasing inclination toward digitalization, which, in turn, challenged the market sustainability.
Later, some countries began witnessing a gradually declining number of Covid-19 cases, owing to which restrictions & lockdowns were uplifted, which resulted in the partial revival of business operations. However, these recommencement benefits were seen mostly across regions like North America & Europe.
Furthermore, there was recommencement & recovery for different sectors like aviation, banking & finance, & healthcare, among others. It generated immense growth opportunities for the leading market players & projected their recovery from revenue losses over the coming years.