Magnetic Ink Character Recognition (MICR) Printer Market is Anticipated to Grow at a CAGR of 1.3% During the Forecast Period 2018-2025
As per the report Magnetic Ink Character Recognition Printer Market By Type (Inkjet MICR Printer and Laser MICR Printer),By Application (Bank,Other), Industry Trends, Estimation and Forecast, 2017-2025" In 2017, the laser segment generated the highest revenue share in the global Magnetic Ink Character Recognition (MICR) printer market. Among major regions, North America was the highest revenue generating market, holding nearly 25% of the market share, in 2017.
Technological advancements in the printing solutions has propelled market players to adopt the latest technologies and expand their business horizons in the MICR printing solutions. For instance, Monotech Systems (MSL), a prominent player in the Indian market has installed a JetSci iMCR inkjet system at one of the leading security printers in South India. It is a customized solution that can easily be integrated with both online and offline web machines, as per the customers requirement and configuration.
MICR printers pave their way through varied applications, owing to their ability to offer secure features
Apart from traditionally being used for banking and financial purposes, MICR printers find wide usage in various industries such as Payroll check printing, government sector applications, hospitality, healthcare and retail. Prescription forging is a major issue which is concerning the health authorities of various countries. MICR printed prescriptions have emerged out as the best solution to check drug frauds as they cannot be replicated. Fraud risk, data security and public scrutiny are some major issues for every government.
Banking sector offers lucrative growth opportunities to the players active in the global MICR printer market
MICR printers are an effective solution for printing secure and informative negotiable documents, especially bank cheques. MICR technology offers secure cheque printing solution and revolutionized teller-customer interaction. It has emerged out as a fast and easy way to securely print MICR cheques and other sensitive documents, for all types of loan closings, while making sure that the clients have control over the entire process. The bank segment is expected to grow with an impressive CAGR of 2% during the forecast period.
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North America gained the highest revenue in the global market, owing to the growth in its industrial sector
North America accounted for nearly 25% market share, in terms of revenue, of the global market. It is anticipated to maintain its dominance in the long run and exhibit an impressive CAGR of 1.1% during the forecast period. North America extensively uses MICR technology in various industries such as retail, healthcare, payroll, banking, government, and few others. The interlocking of the healthcare and pharmaceutical industries creates one of the largest verticals in North America. In 2016, approximately 4.4 billion medical prescriptions were dispensed to the patients in United States. According to the Drug Enforcement Agency (DEA), approximately $5 billion are lost each year under the fraudulent prescription activities. To help combat counterfeit healthcare acts, hospitals and clinics have utilized the benefits offered by secure prescription printing software and MICR printers. Thus extensively opening the market for MICR printers in America in every vertical.
KEY FINDINGS OF GLOBAL MAGNETIC INK CHARACTER RECOGNITION (MICR) PRINTER MARKET, 2017-2025
• The laser segment is expected to witness the highest growth rate of 1.4% in the upcoming years.
• The global Magnetic Ink Character Recognition (MICR) printer market is anticipated to witness a declining price trend during the forecast period 2018-2025.
• North America led the global Magnetic Ink Character Recognition (MICR) printer market in 2017, in terms of revenue, by holding nearly 25% of the total share.
• Bank application segment is expected to grow with an impressive CAGR of 2% during the forecast period.
Some key market players are Ricoh, Relyco, HP, Lexmark, Canon, Xerox, Fuji, Lenovo, and Delphax Technologies Inc. Detailed coverage on these market players with information on their revenue from MICR printers, production, capacity, market share, gross margin and their growth strategies have also been provided in the report.
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