The report of Global Magnetic Ink Character Recognition Device Market by Technology (MICR Printing, Recognition Technology), End Users (Banks and Financial Institutes, Government Agencies, Business Organizations, Others (Retailers, etc.)) and Region (North America, Europe, Middle East & Africa, South America, and Asia Pacific) is expected to reach US$ 725.6 Mn by 2027, at a CAGR of XX% during a forecast period.

MICR is a scanning technology used to prove the originality of a paper or document that has been printed with special ink and characters. The paper printed with special ink is sensitive to the magnetic field and in order to read, it is passed over a machine, which translates the magnetic information into relevant data. On the other hand, the high cost of MICR readers and printers and the rising trend of the online transaction are major factors likely to restrain the growth of the global MICR market over the forecast period.

Banks and Financial Institutes segment is expected to account for the largest XX% market share by 2026.

Banks and Financial Institutes segment led the MICR market and it is expected to continue its dominance during 2020-2027. The adoption of MICR technology by banking and financial institutions to validate a document or instrument is mainly driven by the market for magnetic ink character recognition devices.

The APAC is projected to witness the fastest growth during the forecast period.

The APAC led the market in 2019 with maximum share. The ability of MICR to upsurge speed of check processing and also authenticate the validity of financial documents has created a demand for them in the financial sector mostly. By registering a CAGR of XX% in the forecast period, the market in APAC is expected to retain its leading share in the future. China is predicted to be the second major market for ICT since the country has made an investment of US$ XX Mn in 2018 and is expected to significantly grow at a CAGR of XX.2% through 2027. Also, Japan, the UK, and Germany are amongst the top five economies in the ICT sector which have made a higher investment in the historical years.

Key players operating in the Global Magnetic Ink Character Recognition Device Market are ACOM Solutions, Inc., Canon, Inc., Epson America, Inc. , Hewlett Packard Company , Murni Solusindo Nusantara , MagTek, Inc. , Panini SpA , Rosetta Technologies, Inc. , Vertical Infonet Pvt.Ltd., Source Technologies ,Troy Group, Inc. , Uniform Industrial Corporation , Xerox Corporation Ltd , ZIH Corp

Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Global Magnetic Ink Character Recognition Device Market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the Global Magnetic Ink Character Recognition Device Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain Global Magnetic Ink Character Recognition Device Market positioning of competitors.

Browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “Global Magnetic Ink Character Recognition Device Market

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