Middle East and Africa Cheque Scanner Market

Market Introduction

The cheque scanner market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, and the UAE. The region is expected to witness commercialization and industrialization, which would further boost the growth of various sectors. The Gulf countries are economically developed, while the African countries are yet to match up to the economic conditions of these countries. In the era of technological developments, integration of advanced technologies is increasing in a range of industries, including banks and financial institutions in Middle East. The region also witnesses footprints of companies such as Quick Cheque and Canon, Inc., which would help the banks and financial institutions to scan cheques quickly by eradicating human labor. Canon had introduced four new image FORMULA cheque scanners namely: CR-135i II, CR-190i II, CR190i II UV, and CR-135 II UV in Middle East to a large number of retailers, banks, and financial institutions with an aim to strengthen reliability, speed, and security. Additionally, the presence of gigantic banks in the region is another factor that would boost the deployment of cheque scanners. Emirates NBD, National Bank of Abu Dhabi, First Gulf Bank, Qatar National Bank, and First Abu Dhabi Bank are among the key banks of the region. To endure seamless process of cheque payments, the deployment of cheque scanner at top banks will increase. This factor is expected to propel the market growth during the forecast period.

The Middle East & Africa cheque scanner market is majorly affected by disruptions in the supply chain. The shutdown of country borders for international travel led to disturbances in the supply chains of several components and parts in 2020. Moreover, the demand for cheque scanners has decreased in the region. This has resulted in a loss of business among the cheque scanner manufacturers and distributors offering their products and systems to banks and financial institutions. However, a rise in the focus on the commercialization of the remote deposit model to make cheque payment easier and quick in the UAE is likely to provide significant opportunities to the cheque scanner market players in the coming years.

Market Overview and Dynamics

The cheque scanner market in Middle East & Africa is expected to grow from US$ 53.21 million in 2021 to US$ 65.64 million by 2028; it is estimated to grow at a CAGR of 3.0% from 2021 to 2028. Increase in need to achieve operation efficiency; cheques are still a popular payment option for a large number of enterprises working across industry vertical. To effectively manage the operation of cheques clearance, the institutions are deploying cheque scanners at their branches. Cheque scanner increases the overall productivity by allowing the banks to automatically process cheques. It eliminates the time spent on manual number inputs, physical storing, organizing, and retrieving information in the entire cheque clearing process. Therefore, with the deployment of cheque scanner, all the complicated processes are converted into a simple and smooth process. As the cheque scanner helps in scanning cheques through the scanner remotely within a few seconds, there is no need for additional cheque verification; hence, the money is received faster. Cheque scanners use magnetic ink character recognition to quickly read and automatically store data from the cheque. Moreover, cheque scanner reduces the overall operating cost by lowering the number of manpower dedicated to process the transaction. Further, cheque scanner allows institution to monitor cheques against the database, therefore avoid any fraudulent activity. Cheques can also be verified for authentication using public key cryptography and digital signatures, thereby making the entire process secure and authenticated. Therefore, need to achieve operational efficiency and strengthen relationship between institutions and customers are driving the growth of the Middle East & Africa 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 Middle East & Africa 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 Middle East & Africa 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 Middle East & Africa 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 Middle East & Africa cheque scanner market
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• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form Middle East & Africa cheque scanner market
• Obtain market revenue forecast for market by various segments from 2021-2028 in Middle East & Africa region.

MIDDLE EAST & AFRICA CHEQUE SCANNER MARKET SEGMENTATION

By Type

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

By Application

• Banks
• Enterprises and Financial Institutions

By Country

• UAE
• Saudi Arabia
• South Africa
• Rest of Middle East & Africa

Company Profiles

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

Middle East and Africa Cheque Scanner Strategic Insights

Strategic insights for the Middle East and Africa 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.

Middle East and Africa Cheque Scanner Report Scope

Middle East and Africa Cheque Scanner Regional Insights

The geographic scope of the Middle East and Africa 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.