Asia Pacific Cheque Scanner Market

Market Introduction

Japan, China, India, South Korea, and Australia are the major economies contributing to the growth of cheque scanner market. These countries have been showcasing tremendous growth in the retail, banking, and hospitality industry. Technological advancements in payment areas and number of enterprises have soared up significantly in these countries. These factors will help in contributing toward the adoption of cheques among enterprises, as entities still prefer cheques for making payment of lumpsum amounts. Therefore, the scope of integrating cheque scanner in majority of the sectors in Asian market is expected to rise in the future. In addition, the region witnesses the presence of cheque scanner providers within their territory, which would positively contribute toward the market growth. Epson Corp, Canon Inc., and Plustek are among the companies present in Asian economy and addressing accounting firms, banks, and companies. For instance, in February 2021, Epson partnered with MyQ to simplify product integration and enhance infrastructure and printer fleet management. This partnership will unite MyQ’s integration and workflow management capabilities and multi-function business inkjet printers of Epson to enhance productivity and efficiency. Additionally, gigantic companies such as Canon offers check scanner to cater financial institution. CR-150/120 check scanner and Canon CR-190i are two check scanners designed for financial institutions to raise productivity and reduce unwanted noise causing due to background colors and image on cheques. Therefore, footprints of such companies will help in boosting the market growth. Also, the region has witnessed a few steps with respect to cheque payments. In December 2020, Indian government has introduced ‘positive pay system’ for cheques under which reconfirmation of details will be required for making payments more than Rs 50,000. The new system for cheques will assist in checking banking fraud across India. Therefore, to avoid cases of bank fraud while using cheque for payments, the integration of cheque scanner will increase to scan all cheques efficiently and quickly with beyond Rs.50,000. Therefore, such developments and government policies will help in influencing the market growth.

Asia-Pacific is characterized by several developing countries, a positive economic outlook, large industrial sectors, and huge population. As a result, it holds significant potential for the growth of the cheque scanner market. However, the lockdown of various plants and factories in Asia-Pacific countries severely affected the global supply chains, and disturbed manufacturing processes, delivery schedules, and product and service sales in 2020 and early 2021. The COVID-19 outbreak, and the subsequent social restrictions led to interruptions in the production and supply chains of cheque scanners. However, Albertsons International in Mumbai placed an order with Digital Check for its TellerScan TS240 scanners. Such developments on the demand side are supporting the Asia-Pacific cheque scanner market growth.

Market Overview and Dynamics

The cheque scanner market in Asia-Pacific is expected to grow from US$ 134.73 million in 2021 to US$ 185.79 million by 2028; it is estimated to grow at a CAGR of 4.7% from 2021 to 2028. Trend towards remote deposit capture (RDC); remote deposit capture (RDC) has gained prominence as banking authorities across the region are promoting and supporting the technology. Since the introduction of RDC, millions of desktop scanners have been deployed by the financial institutions. Remote deposit capture allows access to all funds within two to three business days; whereas the traditional deposit methods take several days to complete the task. RDC also removes geographical constraint, allowing user to deposit checks from anywhere. Vendors including NCR Corporation and Digital Check offer such scanners. Digital Check offers The TellerScan TS240 teller capture scanner. It is a workhorse check scanner for the teller window or high-volume remote deposit capture environments. Number of financial institutions are investing in such technology. These institutions have realized that the technology is helping their team to focus on core operation of the bank. The technology is also providing smooth operation and better management of the entire cheque clearance process. This is bolstering the growth of the cheque scanner market.

Key Market Segments

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 Asia-Pacific cheque scanner market. Based on application the market is divided into banks, enterprises & financial institutions. The banks segment accounts for largest market share in the 2020.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the cheque scanner market in Asia-Pacific are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Canon Inc., Digital Check, Eastman Kodak Company, Epson, MagTek Inc, and NCR Corporation among others.

Reasons to buy report

• To understand the Asia-Pacific cheque scanner market landscape and identify market segments that are most likely to guarantee a strong return
• Stay ahead of the race by comprehending the ever-changing competitive landscape for Asia-Pacific cheque scanner market
• Efficiently plan M&A and partnership deals in Asia-Pacific cheque scanner market by identifying market segments with the most promising probable sales
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form Asia-Pacific cheque scanner market
• Obtain market revenue forecast for market by various segments from 2021-2028 in Asia-Pacific region.

ASIA-PACIFIC CHEQUE SCANNER MARKET SEGMENTATION

By Type

• Single-Feed Check Scanner
• Multi-Feed Check Scanner

By Application

• Banks
• Enterprises and Financial Institutions

By Country

• China
• Japan
• India
• South Korea
• Australia
• Rest of Asia-Pacific

Company Profiles

• Canon Inc.
• Digital Check
• Eastman Kodak Company
• Epson
• MagTek Inc
• NCR Corporation

Asia Pacific Cheque Scanner Strategic Insights

Strategic insights for the Asia Pacific Cheque Scanner provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

Asia Pacific Cheque Scanner Report Scope

Asia Pacific Cheque Scanner Regional Insights

The geographic scope of the Asia Pacific Cheque Scanner refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.