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The global digital check scanning solutions market is anticipated to grow at an exponential rate i.e., expected to rise to USD $2.90 billion by 2027, with a compound annual growth rate of 9.8 percent during the forecast period 2021-2027. Banks and financial institutions are creating awareness regarding the usage of digital check scanners owing to mounting cases of fraud. The digital check scanning solutions allow digital checks to be encashed without customers entering the bank. Increased digital formats and out-of-the-bank services during the COVID-19 pandemic are providing immense opportunities for the digital check scanning solutions market.
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Key providers in the global digital check scanning solutions such as Epson America, Inc., Digital Check Corporation, and Panini S.p.A is investing in technologically advanced products in their product portfolio and cost-effective check scanning solutions across the globe. In 2019, Panini S.p.A. had a technological partnership with Alogent Corp. for developing all-in-one check capture solutions for financial institutions and commercial sectors.
On the basis of type, the market is bifurcated into single-feed check scanning systems and multi-feed check scanning systems. Of all the types, the multi-feed check scanner segment is expected to lead the global check scanner market during the forecast period. They are beneficial for businesses that have a regular flow of check processing. A pile of cheques is put into a multi-feed scanner through the input area, and the scanner does its processing accurately.
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Geographically, North America is anticipated to grow in the digital check scanning solutions market during the forecast period 2021-2027 because of technological development and the existence of market players in the region. There is a need to achieve efficiency in digital scanners and regulatory authorities are pushing banks and financial institutions to use check scanners.
The digital check scanning solution in Asia Pacific countries such as China, Japan, India, ASEAN is anticipated to grow at a rapid pace during the forecast period.
Some of the key players operating in the digital check scanning solutions market are ARCA Tech Systems, Canon U.S.A., Inc, Digital Check Corp, Epson America, Inc, MagTek Inc, NCR Corporation, Panini S.p.A., RDM, The Eastman Kodak Company, MDS.
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