South America Cheque Scanner Market

Market Introduction

Geographically, the cheque scanner market in South America is segmented into Brazil, Argentina, and Chile. Despite many economic challenges, favorable government initiatives would propel the growth of the region’s economy during the forecast period. The region has the highest urbanization rate globally owing to the government initiatives that support the growth of banks and financial institutions. With the growth in banking sector, the scope of integrating advanced technologies for making cheque payment process convenient will rise.  Itaú Unibanco Holding SA, Banco Bradesco SA, Banco do Brasil SA, Banco Mercantil Santa Cruz, Caixa Econômica Federal, and Banco Santander (Brasil) SA are a few top banks holding strong position in South America. Owing to the presence of well-known banks within its territory, the trend of integrating advanced technologies such as remote data capture for cheque processing is anticipated to grow. Although, majority of regional banks are getting inclined toward digital transformation strategies, they still need to work on the adoption of innovative technologies and evolving internal culture. In addition to the growth of cheque scanner market, there are around 220 fintech start-ups established in Brazil using innovative banking solutions, which will also help in boosting the deployment of cheques at fintech firms. With a large number of fintech firms, the scope of using remote deposit capture technologies for cheque processing will also increase, which would thereby impact the use of cheque scanners. Moreover, the region also witnesses the presence of resellers/distributors of cheque scanner within their territory which will help in enhancing the network of distribution of cheque scanners. Panini Limited, Digital Check, Canon Inc., and Epson Corpo. are some of the top players operating in South American cheque scanner market. Furthermore, Unisys, Globalis, BARTECH Technologia e Ingenieria, and Solutec are some of the resellers present in the Chile market offering cheque scanners, whereas, Recognition, OKI Brasil, MOST, and WinsData are few distributors of offering cheque scanners to Brazilian market.

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.

Market Overview and Dynamics

The cheque scanner market in South America is expected to grow from US$ 44.59 million in 2021 to US$ 57.76 million by 2028; it is estimated to grow at a CAGR of 3.8% 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 South 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 South America 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, NCR Corporation, and Panini S.p.A. among others.

Reasons to buy report

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

SOUTH AMERICA CHEQUE SCANNER MARKET SEGMENTATION

By Type

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

By Application

• Banks
• Enterprises and Financial Institutions

By Country

• Brazil
• Argentina
• Chile
• Rest of South America

Company Profiles

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

South America Cheque Scanner Strategic Insights

Strategic insights for the South America 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.

South America Cheque Scanner Report Scope

South America Cheque Scanner Regional Insights

The geographic scope of the South America 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.