Remote Deposit Capture Market Projected to Hit $378.08 Million By 2027

According to a recent report published by Allied Market Research, titled, “Remote Deposit Capture Market By Component, Deployment Type, and Enterprise Size: Opportunity Analysis and Industry Forecast, 2020–2027”, the global remote deposit capture market size was valued at $238.15 million in 2019, and is projected to reach $378.08 million by 2027, growing at a CAGR of 6.2% from 2020 to 2027.

Remote deposit capture is a fund deposit process, which involves scanning the digital image and verifying checks and subsequently sharing it in bank through desktop, smartphone, or android devices. The demand for remote deposit capturing service is increasing among consumers, as it reduces the time required to deposit check. Along with time saving of consumers, it eliminates the need of photocopying checks & buying deposit slips as well as prevents unnecessary bank visits. Hence, remote deposit capture services is more popular among consumers, retailers, and small & medium organizations. 

Increase in value and volume of check transactions through a significant surge in paper checks processing costs is a major factor that contributes toward the global remote deposit capture market growth. In addition, remote deposit capture has been offering merchants with numerous benefits such as depositing money on the same day, improvement in cash flow, and depositing checks remotely. Thus, all these factors drive the growth of the market. However, dearth of awareness with respect to remote deposit capture technology among people and lack of proper training hamper the growth of the remote deposit capture market. 

Region wise, the remote deposit capture market share was dominated by North America in 2019, and is expected to retain its position during the forecast period. This is attributed to presence of U.S. top banks, including Bank of America, Citibank, and the PNC Financial Services Group, Inc., which offer remote deposit capture services to their commercial and business customers. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to increase in use of digital platforms and rapid increase in disposable income of the middle-class population. 

The COVID-19 outbreak is expected to positively impact the growth of global remote deposit capture market trends. This is attributed to significant rise in adoption of contactless payments by end users, to curb the further spread of coronavirus. In addition, banks and financial institutions are providing their customers with options of remote deposit capture services and mobile payments all across the globe to speed up their transaction process, thereby augmenting the growth of the remote deposit capture market. Moreover, rise in COVID-19 patients across the globe has enforced many merchants and individuals to adopt mobile payment options, which boosts growth of the market during the pandemic situation.

Key Findings of the Study

• By component, the solution segment accounted for the highest share in 2019.
• On the basis of deployment type, the on-premise segment generated the highest revenue in 2019.
• Region wise, Asia-Pacific is anticipated to exhibit substantial growth during the forecast period.

The key players profiled in the remote deposit capture market analysis are Alogent, Branch Banking & Trust Corporation, Checkalt LLC, CSI Inc., Deluxe Enterprise Operations, EFT NETWORK, Finastra, Fiserv, FTNI, Jack Henry & Associates Inc., Mitek Systems and NCR Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the remote deposit capture industry.