Global Market for Digital Check Scanning Solution is Anticipated to grow at a Exponential Rate i.e., USD 2.90 Billion during the Forecast Period 2021-2027

Published Date: Jun, 2021

The global digital check scanning solutions market is anticipated to grow at an exponential rate i.e., expected to rise to USD $2.90 billion by 2027, with a compound annual growth rate of 9.8 percent during the forecast period 2021-2027. Banks and financial institutions are creating awareness regarding the usage of digital check scanners owing to mounting cases of fraud. The digital check scanning solutions allow digital checks to be encashed without customers entering the bank. Increased digital formats and out-of-the-bank services during the COVID-19 pandemic are providing immense opportunities for the digital check scanning solutions market.

Key providers in the global digital check scanning solutions such as Epson America, Inc., Digital Check Corporation, and Panini S.p.A is investing in technologically advanced products in their product portfolio and cost-effective check scanning solutions across the globe. In 2019, Panini S.p.A. had a technological partnership with Alogent Corp. for developing all-in-one check capture solutions for financial institutions and commercial sectors.

Browse 43 market data Tables and 30 Figures spread through 140 Pages and in-depth TOC on " Digital Check Scanning Solution Market by Type (Single-feed Check Scanning System and Multi-Feed Check Scanning System), End-Users (Financial Institutions, Enterprise, and Others), and Region - Global Forecast to 2027"

Multi-feed Check scanner segment is anticipated to lead the check scanner market during the forecast period

On the basis of type, the market is bifurcated into single-feed check scanning systems and multi-feed check scanning systems. Of all the types, the multi-feed check scanner segment is expected to lead the global check scanner market during the forecast period. They are beneficial for businesses that have a regular flow of check processing. A pile of cheques is put into a multi-feed scanner through the input area, and the scanner does its processing accurately.

Global Digital check Scanning Solution Market Segmentation Analysis

Segment

Categorization

Leading Category

Type

Single-feed Check Scanning System and Multi-Feed Check Scanning System

Multi-Feed Check Scanning System (Fastest)

End-User

Financial Institutions, Enterprise, and Others

Financial Institutions (Largest)

Region

North America, Europe, Asia-Pacific, and Rest of the World

North-America (Largest)

Asia-Pacific (Fastest)

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Geography Insight

Geographically, North America is anticipated to grow in the digital check scanning solutions market during the forecast period 2021-2027 because of technological development and the existence of market players in the region. There is a need to achieve efficiency in digital scanners and regulatory authorities are pushing banks and financial institutions to use check scanners.

The digital check scanning solution in Asia Pacific countries such as China, Japan, India, ASEAN is anticipated to grow at a rapid pace during the forecast period.

Competitive Insight

Some of the key players operating in the digital check scanning solutions market are ARCA Tech Systems, Canon U.S.A., Inc, Digital Check Corp, Epson America, Inc, MagTek Inc, NCR Corporation, Panini S.p.A., RDM, The Eastman Kodak Company, MDS.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2019–2027

Historical Period

2019–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Type, End-User, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

ARCA Tech Systems, Canon U.S.A.,Inc, Digital Check Corp, Epson America,inc, MagTek Inc, NCR Corporation, Panini S.p.A., RDM, The Eastman Kodak Company, MDS

Key Takeaway from the Report:

  • On the basis of type, the multi-feed check scanner segment is expected to grow at the fastest rate in the market.
  • On the basis of end-user, adoption of advanced technologies in the financial institutions and enterprises is the driving factor for the growth of the digital check scanning process

The Report Offers:

  • Historical market estimate for the years 2019–2020 and forecast for the years 2020–2027
  • Insight on current market trends, market dynamics, key opportunities, and major challenges in the industry
  • Market insights by in-depth segmentation with industry dynamics.
  • Competitive analysis and benchmarking of the industry leaders and their product offerings
  • Profiles of leading players and innovators, their financial overview, and product portfolio
  • Analysis of key industry trends and recent developments
  • Value chain analysis and distribution channel analysis with opportunity assessment
  • Market share analysis of major players

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The report provides the market value for the base year 2020 and a yearly forecast till 2027 in terms of revenue (USD Million). The report segments the global digital check scanning solutions market on the basis of type, end-user, and region.

Global Digital Check Scanning Solution Market Coverage

Type Insight and Forecast 2020-2027

  • Single-Feed Check Scanning System
  • Multi-Feed Check Scanning System

End-User Insight and Forecast 2020-2027

  • Financial Institution
  • Enterprise
  • Others

Geographical Segmentation

Digital Check Scanning Solutions Market by Region

North America

  • By Type
  • By End-User
  • By Country – U.S., Canada, and Mexico

Europe

  • By Type
  • By End-User
  • By Country – Germany, U.K., France, Italy, Spain, and Rest of Europe

Asia-Pacific (APAC)

  • By Type
  • By End-User
  • By Country – China, Japan, India, South Korea, Singapore, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Type
  • By End-User
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

 

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Global Market for Digital Check Scanning Solution is Anticipated to grow at a Exponential Rate i.e., USD 2.90 Billion during the Forecast Period 2021-2027