Cheque scanner scans both back and front of payment and transforms paper check to a legitimate digital image. This scanner comprises a sequence of little light detectors positioned in a line. Under a bright light these lights sweep over the surface of a cheque. The detectors use light as well as dark variations to produce digital image by translating "dark" and "light" into data. It gathers paper check data and generates a replica image file subsequently. It uses recognition of magnetic ink characters (MICR) to read the data on a check. By the time, check scanners have greatly improved and are far more proficient in speed, cost, document handling, and paper handling.

COVID-19 scenario Analysis:

• Global cheque scanner market has been significantly impacted by the COVID-19 outbreak. New projects throughout the world have stalled, which, in turn, have led to decline in demand for analog semiconductors.

• Global factories have struggled to integrate new this market as workers have stayed in their homes, which disrupted the global supply chains.

• The impact of COVID-19 on this market is temporary as just the production and supply chain is stalled. Once the situation improves, production, supply chains, and demand for cheque scanner market are gradually going to increase. 

• This COVID-19 lockdown would help companies think about more advanced cheque scanner industry to enhance efficiency.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Cheque scanner Industry is expected to grow significantly due to increase in demand for single feed check scanners, which can be integrated into cheque deposition kiosks to scan deposited cheques as well as to produce receipts. In addition, branches of commercial banks are also expected to grow in the coming years with emphasis now moving to digital bank branches to improve productivity and lower operating costs. Banks have appeared as the chief user of these in the Multi Feed Check Scanner category, with majority of the scanners used as Desktop Cheque Scanners to be operated by a bank teller. Most of the scanners were mounted in the cheque deposition kiosks in the Single Feed range. The emergence and subsequent popularity of digital transactions has dealt a significant blow to the global device market for magnetic ink character recognition (MICR). Furthermore, thrust on advanced banking and financial sector technologies is expected to hamper the market’s growth. The incorporation of MICR readers into ATM machines is, however, expected to create demand for cheque scanners worldwide.

The global cheque scanner market trends are as follows:

Requirements for fast and secure document management technology

Magnetic ink character recognition (MICR) is a technology used to validate, specifically checks, the legitimacy or originality of paper documents. Its demand is primarily driven by the necessity for secure and speedy document management technology in the nations cross the globe. Moreover, end-users such as government, transport, retail, and banking, financial services and insurance (BFSI) contributes to their market. For high-quality, high-performance, and cost-effective financial check printing and documentation, they rely on MICR technology.

High print and reader costs hamper the market growth

In comparison, putting a roadblock on the market is the high cost of readers and printers for magnetic ink character recognition (MICR). Additionally, MICR readers have the capacity to comprehend only MICR fonts printed in a particular format and can accept only a few different characters, which also restricts the growth of the global market for cheque scanners.

After the Reserve Bank of India’s mandate to accept only CTS-2010 compliant clearing cheques was implemented, India's Cheque Scanner market has seen profound growth. Using conventional brick and mortar bank branches as well as automated Cheque deposition kiosks. Cheque Scanner is a key component of the RBI's Cheque Truncation Program to reduce the Cheque Clearing Process time period and minimize the distribution of fraudulent checks in the banking system by multi-stage scanning.

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the global cheque scanner industry along with the current trends and future estimations to determine the imminent investment pockets.

• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global cheque scanner market share.

• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global cheque scanner system market growth scenario.

• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.

• The report provides a detailed global cheque scanner market trend analysis based on competitive intensity and how the competition will take shape in coming years.

Market scope and structure analysis:

Questions answered in the cheque scanner market research report:

• Which are the leading market players active in the cheque scanner market?

• What would be the detailed impact of COVID-19 on the market?

• What current trends would influence the market in the next few years?

• What are the driving factors, restraints, and opportunities in the cheque scanner market?

• What are the projections for the future that would help in taking further strategic steps?