Europe Cheque Scanner Market

Market Introduction

Geographically, the cheque scanner market in Europe is further segmented into the UK, Germany, Italy, France, Russia, and the rest of Europe. Germany, the UK, France, and Italy are at the forefront of the adopting digital banking. Robust adoption of the advanced technology in the banking and large enterprises sector drives the growth of the Europe check scanner market. The presence of leading market players such as PANINI, Digital Check Corp., Canon Europe, and MagTek Europe is bolstering the market growth. The banks, financial institutes, and large enterprises firmly shift toward remote deposit capture systems to enhance customer banking experience. The countries such as the UK and France are promoting remote deposit capture services. For instance, in October 2017, all-banks in the UK started to offer an image clearing system (ICS) for check deposit applications. The solution introduced in the country is enabling customers to exchange cheque images and data instead of visiting the bank with a physical paper document. The UK banks are processing the check with the image alone; there is no requirement for bank check documents. Such legislative changes from the country to enhance banking service is creating a substantial growth opportunity for market players in the UK. The region has a positive outlook for adopting remote deposit capture systems to improve banking services. Apart from the increasing adoption of check scanners in the banking sector, the rising demand from large-sized businesses to process many cheques also creates the need for check scanners. Moreover, the companies are developing and introducing innovative devices to meet customer demands. For instance, in November 2018, Canon Europe introduced a new imageFORMULA range of check scanners. This new series of check scanners are capable of scanning up to 3,000 checks per day with accuracy and processing up to 45 checks per minute. Further, the imageFORMULA range of check scanners captures a double-sided image in a single transaction.

In Europe, Russia is the hardest-hit country by the COVID-19 outbreak, followed by the UK and others. The majority of European countries suffered an economic hit due to the lack of revenues from various industries due to business shutdowns, travel bans, and supply chain disruptions. However, with the advent of the remote cheque deposit model during these crises, the scope of cheque scanners is likely to expand further as the model eliminates the need for waiting in long queues for depositing cheques.

Market Overview and Dynamics

The cheque scanner market in Europe is expected to grow from US$ 193.84 million in 2021 to US$ 275.18 million by 2028; it is estimated to grow at a CAGR of 5.1% from 2021 to 2028. Opportunity for continuous innovations; Vendors need to improve and enhance their offerings to be relevant in the market. For instance, Digital Check introduced enhanced API, SecureLink 2.0, which contains enhanced functionality that is a major update to the original SecureLink by Digital Check. Securelink 2.0 offers user specific application that can be operated on a network, including PCs, handheld devices, and touchscreens. SecureLink is used by financial institutions and corporations to operate cheque scanner in aggregation with thin-client teller workstations, virtual desktop environments, and standalone kiosks. Similarly, RDM offers EC9600i series network cheque scanner that offers simple driverless one touch setup. The solution utilizes RDM’s Independence TM platform technology, an intelligent, self-contained, and secured network. This enables the scanner to connect to PC, Mac, mobile devices, and payment terminals within any operating system or browser directly via driverless USB or on a network via Ethernet, including thin clients such as Citrix. 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 Europe 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 Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are ARCA, Canon Inc., Digital Check, Eastman Kodak Company, Epson, Lagona, MagTek Inc, NCR Corporation, and Panini S.p.A. among others.

Reasons to buy report

• To understand the Europe 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 Europe cheque scanner market
• Efficiently plan M&A and partnership deals in Europe 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 Europe cheque scanner market
• Obtain market revenue forecast for market by various segments from 2021-2028 in Europe region.

EUROPE CHEQUE SCANNER MARKET SEGMENTATION

By Type

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

By Application

• Banks
• Enterprises and Financial Institutions

By Country

• UK
• Germany
• Italy
• France
• Russia
• Rest of Europe

Company Profiles

• ARCA
• Canon Inc.
• Digital Check
• Eastman Kodak Company
• Epson
• Lagona
• MagTek Inc
• NCR Corporation
• Panini S.p.A

Europe Cheque Scanner Strategic Insights

Strategic insights for the Europe 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.

Europe Cheque Scanner Report Scope

Europe Cheque Scanner Regional Insights

The geographic scope of the Europe 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.