Multi-Feed Check Scanner Segment to Dominate South America Cheque Scanner Market during 2017–2028

According to a new market research study on “South America Cheque Scanner Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application,” is expected to reach US$ 57.76 million by 2028 from US$ 44.59 million in 2021. The market is estimated to grow at a CAGR of 3.8% from 2021 to 2028. Push from regulatory authorities is the major factor driving the growth of the South America cheque scanner market. However, cost associated with cheque scanner may hinder the growth of South America cheque scanner market. The report provides trends prevailing in the South America cheque scanner market along with the drivers and restraints pertaining to the market growth.

Governments of South American countries took several actions to protect their citizens from the COVID-19 by containing its spread. The pandemic hampered the banking business in the region in 2020. However, businesses have now resumed in South American countries, which is projected to gradually create the demand for cheque scanners among banks and financial institutions. Brazil and Chile are among the countries that have robust banking systems, which are likely to recommence operations.

The South America cheque scanner market segmented by type, application, and country. Based on type, the market is segmented into single-feed check scanner and multi-feed check scanner. In 2020, the multi-feed check scanner segment held the largest share in South America cheque scanner market. Based on application the market is divided into banks, enterprises and financial institutions. The banks segment accounts for largest market share in the 2020. Similarly, based on country, the market is segmented into Brazil, Argentina, Chile, and rest of South America. Brazil contributed a substantial share in 2020. 

Canon Inc., Digital Check, Eastman Kodak Company, Epson, MagTek Inc, NCR Corporation, and Panini S.p.A. are among the leading companies in the South America cheque scanner market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, Panini announced its partnership with the Alogent Corp. With this partnerships the company’s focus on developing the first operating system agnostic, all-in-one check capture solution used to meet the branch capture requirement of financial institutions and small businesses and merchants.

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