North America Cheque Scanner Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Single-Feed Check Scanners and Multi-Feed Check Scanners) and Application (Banks, and Enterprises and Financial Institutions)
Market Introduction
The US, Canada, and Mexico are the major economies in North America. Technological advancements have led to a highly competitive market in the region as population is getting attracted toward digital technologies. With the high adoption of automation technologies in operations, the smart devices with remote connectivity are enhancing the service experience for bank customers. Significant innovations in retail banking through digital technologies improve customer personal banking experience, while commercial banking is pressurized to catch up. Increasing demand for innovation at banks for a faster and smooth transaction drives the market growth in North America. The bank counter in North American countries is being transformed to automated desks for improved and fast service applications. At present, one of the demanding technologies in the banking sector is check scanners. The check scanner enables remote deposit capture benefits with reduced time of transaction recording, transportation cost, and less dependence on courier services. The banks, specifically in the US, are adopting the check scanner technology to improve the customer banking experience. For instance, according to the Federal Reserve, around 84% of the US customers visit the bank counter at least once a year. Hence, to provide enhanced service, banks are adopting automated systems. The Panini, one of the prominent market players in the US is also serving the advanced banking technologies for multiple banks, such as U.S. Bank, KeyBank, and American National Bank. Also, out of the top 20 banks of the US, majority of banks are already using the Digital Check products for remote deposit capture, teller capture, or both applications. Similarly, the Digital Check company provides the check scanner solution in Canada for almost four top banks out of five. For instance, Digital Check installed the SecureLink solution combined with TellerScan TS500 check scanner at Security First Bank to improve security while capturing cheque at a teller window. Market players are introducing advanced technology for the banks to enhance remote deposit capture (RDC) solutions. For instance, in September 2020, in response to the increasing demand for RDC Check Scanner, Panini introduced a new Vision E check scanner. The Vision E check scanners are designed to meet customer's requirements with an affordable solution. At the same time, it also offers driverless and API-free batch check scanning for remote deposit capture (RDC) applications. In January 2019, BLM Technologies, provider of complete technology solutions, offered a new Canon imageFORMULA CR-L1 compact check transport/scanner for the market. The company is serving advanced technologies for thousands of customers in the US as a complete solution.
The US is the worst-hit country in North America due to the COVID-19 outbreak. Increasing number of infected individuals led the US federal government to shut down the country borders for international travelers in 2020. The majority of the manufacturing plants either discontinued their operations or continued operating with minimum staff; moreover, travel restrictions disrupted the supply chain of components and parts. These are among the critical issues faced by manufacturers in North American countries in 2020 and early 2021. On the contrary, with a decline in the manufacturing of cheque scanners, the scope of remote deposit capture technology is projected to gain momentum in the upcoming years. Upon facing the consequences of slowdown in the production and sales of cheque scanners, banks are looking forwards to bring latest products such as remote deposit capture technology for enabling digital check deposit services to small business located in remote areas.
Market Overview and Dynamics
The cheque scanner market in North America is expected to grow from US$ 328.05 million in 2021 to US$ 495.19 million by 2028; it is estimated to grow at a CAGR of 6.1% 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 around the globe 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. Like Digital Check and RDM, other vendors operating in the market also need to capture the opportunity of offering advance solution that are capable of solving check processing and clearance issues effectively. Banks and financial institution are looking for solutions that require lower set up/implementation cost and time and can be easily operated. 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 North America 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 North America 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, MagTek Inc, NCR Corporation, Panini S.p.A., and RDM Corporation among others.
Reasons to buy report
- To understand the North America 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 North America cheque scanner market
- Efficiently plan M&A and partnership deals in North America 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 North America cheque scanner market
- Obtain market revenue forecast for market by various segments from 2021-2028 in North America region.
NORTH AMERICA CHEQUE SCANNER MARKET SEGMENTATION
By Type
- Single-Feed Check Scanner
- Multi-Feed Check Scanner
By Application
- Banks
- Enterprises and Financial Institutions
By Country
- US
- Canada
- Mexico
Company Profiles
- ARCA
- Canon Inc.
- Digital Check
- Eastman Kodak Company
- Epson
- MagTek Inc
- NCR Corporation
- Panini S.p.A.
- RDM Corporation
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Cheque Scanner Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America – PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. North America Cheque Scanner Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Need to Achieve Operation Efficiency
5.1.2 Push from Regulatory Authorities
5.2 Market Restraints
5.2.1 Cost Associated with Cheque Scanner
5.3 Market Opportunities
5.3.1 Opportunity for Continuous Innovations
5.4 Market Trend
5.4.1 Trend Towards Remote Deposit Capture (RDC)
5.5 Impact Analysis of Drivers and Restraints
6. Cheque Scanner Market – North America Analysis
6.1 Cheque Scanner Market North America Overview
6.2 North America Cheque Scanner Market –Revenue and Forecast to 2028 (US$ Million)
7. North America Cheque Scanner Market Analysis – By Type
7.1 Overview
7.2 North America Cheque Scanner Market, By Type (2020 and 2028)
7.3 Single-Feed Scanner
7.3.1 Overview
7.3.2 Single-Feed Scanner: North America Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Multi-Feed Scanner
7.4.1 Overview
7.4.2 Multi-Feed Scanner: North America Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
8. North America Cheque Scanner Market Analysis – By Application
8.1 Overview
8.2 North America Cheque Scanner Market Breakdown, By Application, 2020 & 2028 (%)
8.3 Banks
8.3.1 Overview
8.3.2 Banks: North America Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Enterprises & Financial Institutions
8.4.1 Overview
8.4.2 Enterprises & Financial Institutions: North America Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
9. North America Check Scanner Market – Country Analysis
9.1 Overview
9.1.1 North America: Cheque Scanner Market- by Key Country
9.1.1.1 US: Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 US: Check Scanner Market- By Type
9.1.1.1.2 US: Cheque Scanner Market- By Application
9.1.1.2 Canada: Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 Canada: Check Scanner Market- By Type
9.1.1.2.2 Canada: Cheque Scanner Market- By Application
9.1.1.3 Mexico: Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 Mexico: Check Scanner Market- By Type
9.1.1.3.2 Mexico: Cheque Scanner Market- By Application
10. North America Cheque Scanner Market- COVID-19 Impact Analysis
10.1 Overview
11. North America Cheque Scanner Market-Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Merger and Acquisition
11.4 New Development
12. Company Profiles
12.1 Panini S.p.A.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Epson
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Canon Inc.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Digital Check
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 ARCA
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 MagTek Inc
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 NCR Corporation
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Eastman Kodak Company
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 RDM Corporation
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. North America Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
Table 2. US: Check Scanner Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 3. US: Cheque Scanner Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 4. Canada: Check Scanner Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 5. Canada: Cheque Scanner Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 6. Mexico: Check Scanner Market- By Type –Revenue and Forecast to 2028 (US$ Million)
Table 7. Mexico: Cheque Scanner Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 8. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Cheque Scanner Market Segmentation
Figure 2. North America Cheque Scanner Market Segmentation – By Country
Figure 3. North America Cheque Scanner Market Overview
Figure 4. Multi-Feed Scanner Segment is Expected to Dominate the Market by Type
Figure 5. Banks Segment held Largest Market Share in 2020
Figure 6. US held Largest Market Share in 2020
Figure 7. North America – PEST Analysis
Figure 8. Expert Opinion
Figure 9. North America Cheque Scanner Market Impact Analysis of Drivers and Restraints
Figure 10. North America Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
Figure 11. North America Cheque Scanner Market Revenue Share, by Type (2020 and 2028)
Figure 12. Single-Feed Scanner: North America Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
Figure 13. Multi-Feed Scanner: North America Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. North America Cheque Scanner Market Revenue Share, by Application (2020 and 2028)
Figure 15. Banks: North America Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. Enterprises & Financial Institutions: North America Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. North America: Cheque Scanner Market, by key Country – Revenue (2020) (US$ Million)
Figure 18. North America: Check Scanner Market Revenue Share, by Key Country (2020 and 2028)
Figure 19. US: Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. Canada: Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. Mexico: Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Impact of COVID-19 Pandemic in North American Country Markets- ARCA
- Canon Inc.
- Digital Check
- Eastman Kodak Company
- Epson
- MagTek Inc
- NCR Corporation
- Panini S.p.A.
- RDM Corporation
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