Global Magnetic Ink Character Recognition (MICR) Printer

Global Magnetic Ink Character Recognition (MICR) Printer Market Research Report: Forecast (2021-2026)

By Type (Laser MICR Printer, Inkjet MICR Printers), By Application (Banking and Financial, Retail, Healthcare, Government, Others), By Region (North America, South America, Europe, Asia-Pacific, Middl Read more

  • ICT & Electronics
  • Mar 2022
  • 204
  • IT88007

Market Definition

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.

Market Insights

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. 

Report Coverage Details
Study Period Historical Data: 2016-19
Base Year: 2020
Forecast Period: 2021-26
CAGR 1.4%
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.

Global Magnetic Ink Character Recognition (MICR) Printer Market Research Report: Forecast (2021-2026)

Market Segmentation

Based on the Application:

  • Banking & Financial
  • Retail
  • Healthcare
  • Government

Of all Applications, the Banking & Finance sector is projected to witness the fastest market growth during the forecast period. It owes principally to the increasing use of MICR printers across banks & financial institutions for identifying & processing checks and altering the banks about photocopied or duplicate MICR lines to avoid fraud & forgery.

Besides, MICR printers provide secure printing solutions to eliminate fraud & counterfeiting. The rapidly expanding banking sector and its growing inclination toward creating a secure platform for finances & achieving a fast, easy, & safe printing of checks & sensitive data are other crucial aspects anticipated to generate growth opportunities for the leading players in the market across the banking & finance sector through 2026.

On the other hand, the Retail sector acquired a significant share in the Magnetic Ink Character Recognition (MICR) Printer Market in recent years across regions like the Middle East & Asia-Pacific. It is attributed primarily to applications like printing vouchers that can be redeemed at retail stores, coupled with an increasing number of Business-to-Business (B2B) transactions across the expanding retail sector dominated by checks as a preferred payment mode.

Based on the Type:

  • Laser MICR Printer
  • Inkjet MICR Printer

Of both, the Laser MICR Printer is anticipated to dominate the global market with the largest share during the forecast period. It owes principally to the economical printing prices through these printers for an extended period. Besides, these printers use the laser to form a pattern of electrostatically charged dots on a light-sensitive drum that transfers the toner to a piece of paper & fixes it in a heating process.

This results in high-speed & quality printing capabilities of laser MICR Printers, which, in turn, is augmenting the demand for these printers & fueling the overall market growth. Moreover, enhanced suitability for mass printing, machine stability, low cost, high efficiency, etc., are other crucial characteristics of laser MICR printers projected to propel their demand and boost the global market through 2026.

Regional Landscape

Geographically, the Global Magnetic Ink Character Recognition (MICR) Printer Market expands across:

  • North America
  • South America
  • Europe
  • Middle East &Africa
  • Asia-Pacific

Amongst all regions globally, North America dominated the Magnetic Ink Character Recognition (MICR) Printer Market with the largest share in recent years. It owes to the extensive presence of prominent market players & their increasing number of research & development activities on developing new products & enhancing their product portfolio. Besides, the region has observed a considerable market growth for inkjet & laser MICR printers, owing to their precise positioning & printing capabilities. 

In recent years, the US has dominated the regional market, principally due to the mounting adoption of MICR printers for several financial documentations like printing vouchers, credit cards, invoices, etc., on account of the rapidly expanding banking, finance, & retail sectors in the country. Additionally, the rising incidents of fraud in the US have further instigated the demand for prevention measures, thereby encouraging the adoption of MICR printers. 

  • According to the American Bankers Association, the scam attempted on deposit accounts touched USD 25.1 billion in 2018. Out of this, the check fraud surged to USD 15.1 billion, which equals around 60% of the attempted fraud on deposit accounts.

On the other hand, Asia-Pacific demonstrated substantial market growth in the previous few years, wherein countries like India, China, Japan, & South Korea are the major regional markets. It attributes primarily to the rapidly expanding retail & banking sector across the region, i.e., displaying a surging use of MICR codes to accelerate payment processing & checks clearance system. It, in turn, is helping to enhance transparency & traceability of money, coupons, & credit cards, among others, for customers.

Recent Developments by Leading Companies

  • In 2020, market leader HP launched its M612DN MICR printer with 25 security features, such as Paper Tray Locks & Steel Shielding, Encryption & Decryption, Secure 3-position Keylock, & TROYMark Intelligent Anti-Tampering Technology, among others.

Market Dynamics:

Key Drivers & Opportunities

  • Increasing Demand for Fast & Secure Document Processing Technology

The high level of security provided by MICR printers that print characters following strict format & using specific ink and makes the document difficult to forge is the prime aspect projected to drive the Global Magnetic Ink Character Recognition (MICR) Printer Market during 2021-26.

  • Swiftly Expanding Banking & Finance Sector

The banking & finance sector is expanding swiftly across different regions worldwide due to massive investments by banks in the adoption of new technologies, increasing participation of governments toward integrating population with banking systems, along with a growing number of mergers & acquisitions. As a result, the demand for MICR printers is surging significantly, which would boost the global market through 2026.

  • Progressing B2B & B2C Payments 

With a rapidly increasing number of businesses & massive investments in them, Business-to-Business (B2B) & Business-to-Consumer (B2C) transactions are also proliferating dramatically. It is leading to the mounting use of checks, which, in turn, is stimulating the demand for MICR printers & driving the global market.

Possible Restraint: The Advent of Modern Payment Methods

In recent years, technology in payment methods has developed dramatically and introduced several new platforms in line with digitalization. As a result, there's a reduced prevalence of paper-based payments like checks & increasing adoption of digital payment methods such as Google Pay, Amazon Pay, etc. Hence, this aspect might restrain the growth of the Global Magnetic Ink Character Recognition (MICR) Printer Market during 2021-26.

Competitive Landscape

According to MarkNtel Advisors, the key players with a considerable share of the Global Magnetic Ink Character Recognition (MICR) Printer market include HP, Lexmark, Xerox, Ricoh, Canon, IBM, Fuji, Lenovo, Delphax Technologies Inc., Relyco, etc.

Key Questions Answered in the Market Research Report:

  1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Global Magnetic Ink Character Recognition (MICR) Printer Market?
  2. What are the region-wise industry size, growth drivers, and challenges?
  3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Magnetic Ink Character Recognition (MICR) Printer Market?
  4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Magnetic Ink Character Recognition (MICR) Printer Market based on the competitive benchmarking matrix?
  5. What are the key results derived from surveys conducted during the Global Magnetic Ink Character Recognition (MICR) Printer Market study?

Market Outlook, Segmentation and Statistics 

  • Impact of COVID-19 on Magnetic Ink Character Recognition (MICR) Printer
  • Market Size & Analysis
    • By Revenues
    • By Unit Sold
  • Market Share & Analysis
    • By Type
      • Laser MICR Printer
      • Inkjet MICR Printers
    • By Application
      • Banking and Financial
      • Retail
      • Healthcare
      • Government
      • Others
    • By Region
      • North America
        • The US
        • Canada
        • Mexico 
      • South America
        • Brazil 
      • Europe 
        • The UK 
        • Germany 
        • France 
        • Italy 
        • Scandinavia 
        • Russia 
      • Middle East & Africa 
        • GCC 
      • Asia-Pacific 
        • China 
        • Japan
        • India 
        • South Korea 
        • Singapore 
    • By Company
      • Revenue Shares
      • Strategic Factorial Indexing
      • Competitor Placement in MarkNtel Quadrant
  • Global Magnetic Ink Character Recognition (MICR) Printer Market Policies, Regulations, Product Standard
  • Global Magnetic Ink Character Recognition (MICR) Printer Market Hotspots & Opportunities
  • Competition Outlook
    • Competitor Wise Growth Strategies
    • Company Profiles

Frequently Asked Questions

A. The Global Magnetic Ink Character Recognition (MICR) Printer Market is projected to grow at a CAGR of around 1.4% during 2021-26.

A. The Banking & Finance sector is anticipated to emerge as an area of remunerative opportunities for the leading players in the Global Magnetic Ink Character Recognition (MICR) Printer Market during 2021-26.

A. A swiftly rising demand for a fast & secure technology to process documents, rapidly expanding banking & finance sector, entwined with progressing B2B & B2C payments would generate growth opportunities for the leading players in the Global Magnetic Ink Character Recognition (MICR) Printer Market through 2026.

A. In the coming years, the Global Magnetic Ink Character Recognition (MICR) Printer Market shall witness the active participation of the leading players in introducing technological advancements in MICR printing technology.

  1. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
    4. Market Segmentation
  2. Preface
  3. Executive Summary
  4. Global Magnetic Ink Character Recognition (MICR) Market Overview
  5. Impact of COVID-19 on Global Magnetic Ink Character Recognition (MICR) Market  
  6. Global Magnetic Ink Character Recognition (MICR) Market Outlook, 2016-2026F
    1. Market Size & Analysis
      1. Units Sold
      2. Revenues
    2. Market Share & Analysis
      1. By Type
        1. Laser MICR Printer
        2. Inkjet MICR Printer
      2. By Application
        1. Banking and Financial
        2. Retail
        3. Healthcare
        4. Government
        5. Others
      3. By Region
        1. North America
        2. South America
        3. Europe
        4. Middle East & Africa
        5. Asia-Pacific
      4. By Competitors
        1. Competition Characteristics
        2. Market Share & Analysis
        3. Competitive Metrix
  7. North America Magnetic Ink Character Recognition (MICR) Market Outlook, 2016-2026F
    1. Market Size & Analysis
      1. Units Sold
      2. Revenues
    2. Market Share & Analysis
      1. By Type
      2. By Application
      3. By End-User
      4. By Country
        1. The US
        2. Canada
        3. Mexico
    3. The US Magnetic Ink Character Recognition (MICR) Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Units Sold
        2. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Application
    4. Canada Magnetic Ink Character Recognition (MICR) Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Units Sold
        2. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Application
    5. Mexico Magnetic Ink Character Recognition (MICR) Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Units Sold
        2. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Application
  8. South America Magnetic Ink Character Recognition (MICR) Market Outlook, 2016-2026F
    1. Market Size & Analysis
      1. Units Sold
      2. Revenues
    2. Market Share & Analysis
      1. By Type
      2. By Application
      3. By Country
        1. Brazil
        2. Others
    3. Brazil Magnetic Ink Character Recognition (MICR) Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Units Sold
        2. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Application
  9. Europe Magnetic Ink Character Recognition (MICR) Market Outlook, 2016-2026F
    1. Market Size & Analysis
      1. Units Sold
      2. Revenues
    2. Market Share & Analysis
      1. By Type
      2. By Application
      3. By Country
        1. Germany
        2. The UK
        3. France
        4. Italy
        5. Spain
        6. Others
    3. Germany Magnetic Ink Character Recognition (MICR) Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Units Sold
        2. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Application
    4. The UK Magnetic Ink Character Recognition (MICR) Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Units Sold
        2. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Application
    5. France Magnetic Ink Character Recognition (MICR) Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Units Sold
        2. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Application
    6. Italy Magnetic Ink Character Recognition (MICR) Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Units Sold
        2. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Application
    7. Spain Magnetic Ink Character Recognition (MICR) Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Units Sold
        2. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Application
  10. Middle East & Africa Magnetic Ink Character Recognition (MICR) Market Outlook, 2016-2026F
    1. Market Size & Analysis
      1. Units Sold
      2. Revenues
    2. Market Share & Analysis
      1. By Type
      2. By Application
      3. By Country
        1. UAE
        2. Saudi Arabia
        3. South Africa
        4. Others
    3. UAE Magnetic Ink Character Recognition (MICR) Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Units Sold
        2. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Application
    4. Saudi Arabia Magnetic Ink Character Recognition (MICR) Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Units Sold
        2. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Application
    5. South Africa Magnetic Ink Character Recognition (MICR) Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Units Sold
        2. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Application
  11. Asia-Pacific Magnetic Ink Character Recognition (MICR) Market Outlook, 2016-2026F
    1. Market Size & Analysis
      1. Units Sold
      2. Revenues
    2. Market Share & Analysis
      1. By Type
      2. By Application
      3. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Australia
        6. Others
    3. China Magnetic Ink Character Recognition (MICR) Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Units Sold
        2. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Application
    4. India Magnetic Ink Character Recognition (MICR) Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Units Sold
        2. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Application
    5. Japan Magnetic Ink Character Recognition (MICR) Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Units Sold
        2. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Application
    6. South Korea Magnetic Ink Character Recognition (MICR) Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Units Sold
        2. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Application
    7. Australia Magnetic Ink Character Recognition (MICR) Market Outlook, 2016-2026F
      1. Market Size & Analysis
        1. Units Sold
        2. Revenues
      2. Market Share & Analysis
        1. By Type
        2. By Application
  12. Global Magnetic Ink Character Recognition (MICR) Market Regulations, Policies
  13. Global Magnetic Ink Character Recognition (MICR) Market Intellectual Property Rights Analysis
  14. Global Magnetic Ink Character Recognition (MICR) Market Trends & Insights
  15. Global Magnetic Ink Character Recognition (MICR) Market Dynamics
    1. Drivers
    2. Challenges
    3. Impact Analysis
  16. Global Magnetic Ink Character Recognition (MICR) Market Hotspot & Opportunities
  17. Global Magnetic Ink Character Recognition (MICR) Market, Competition Outlook
    1. Competition Matrix
      1. Target Markets
      2. Target Applications
      3. Research & Development
      4. Collaborations & Strategic Alliances
      5. Key Business Expansion Initiatives
      6. Business Restructuring- Mergers, Acquisitions, JVs
      7. Strategic Initiatives
    2. Company Profiles (Business Description, Product Offering, Strategic Alliances or Partnerships, etc.)
      1. HP
      2. Lexmark
      3. Xerox Fuji
      4. Ricoh
      5. Canon
      6. IBM
      7. Brother
      8. Lenovo
      9. Delphax Technologies Inc.
      10. Relyco
  18. Disclaimer
Global Magnetic Ink Character Recognition (MICR) Printer Market Segmentation