Home Research Asia Pacific magnetic ink character recognition (MICR) devices market is expected to...

Asia Pacific magnetic ink character recognition (MICR) devices market is expected to witness highest growth in terms of revenue during forecast period

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Magnetic ink character recognition (MICR) is a scanning technology used to verify originality of a paper/ document, that has been printed with special ink and characters. The document printed with special ink is sensitive to magnetic field and in order to read, it is passed through a machine, which translates the magnetic information into relevant data.

Increasing adoption of MICR devices by banking and financial institutions to read and scan information and to validate its authenticity, is a primary factor driving growth of the global magnetic ink character recognition (MICR) devices market. In addition, increasing incidences of document forging and frauds has led to increasing demand for secured product identification methods. This factor is expected to drive growth of the global magnetic ink character recognition (MICR) devices market.

Rising trend of online transaction and other modes of payment are major factors hampering growth of the global magnetic ink character recognition (MICR) devices market. In addition, high cost of ink tonners and printers and MICR devices can only recognize specific font and size, this are some other factors hampering growth of the global magnetic ink character recognition (MICR) devices market.

The global magnetic ink character recognition (MICR) devices market is segmented on the basis of technology type, end-user, and region. On the basis of region, the global magnetic ink character recognition (MICR) devices market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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Asia Pacific accounts for major market share in the global magnetic ink character recognition (MICR) devices market, owing to presence of market players and high adoption rate of MICR devices among countries in this region. The market is North America is expected to witness significant growth and is expected to register a CAGR of X.X% during the forecast period, followed by the market in Europe.

Key players in the global magnetic ink character recognition (MICR) devices market are Canon Inc., ACOM Solutions Inc., Epson America Inc., Hewlett Packard Company, Xerox Corporation Ltd., Murni Solusindo Nusantara, MagTek, Inc., Panini SpA, Rosetta Technologies, Inc., Vertical Infonet Pvt. Ltd., and other prominent players.