The global magnetic ink character recognition (MICR) devices market is expected to grow at a CAGR of 3.5% during the forecast period, to reach USD 2.2 billion by 2030. The growth of this market is driven by the increasing demand for automated banking transactions and the need for accurate data processing in various industries such as retail, healthcare, and government agencies.
The MICR printing segment accounted for over 50% of the total revenue share in 2017 and is expected to maintain its dominance throughout the forecast period due to its wide application across various industries such as banks and financial institutes, government agencies, business organizations (retailers), etc The MICR recognition technology segment accounted for over 40% of the total revenue share in 2017 and is expected to grow at a CAGR of 4.6%, owing to its high accuracy rate when compared with other technologies such as barcode scanning or optical character recognition (OCR).
Some Of The Growth Factors Of This Market:
- The growth of the MICR device market is driven by the increasing demand for automated teller machines (ATMs) and point-of-sale (POS) terminals.
- The increasing number of ATMs and POS terminals will drive the demand for MICR devices in the coming years.
- Increasing adoption of electronic payments will also fuel the growth of this market.
- Increasing digitization in banking sector will also boost this market.
Industry Growth Insights published a new data on “Magnetic Ink Character Recognition (MICR) Devices Market”. The research report is titled “Magnetic Ink Character Recognition (MICR) Devices Market research by Types (MICR Printing, Recognition Technology), By Applications (Banks and Financial Institutes, Government Agencies, Business Organizations, Others (Retailers, etc.)), By Players/Companies ACOM Solutions, Canon, Hewlett Packard Company, Epson, Murni Solusindo Nusantara, MagTek, Rosetta Technologies, Source Technologies, Troy Group, Xerox Corporation, Uniform Industrial Corporation, ZIH Corp.”.
Scope Of The Report
Report Attributes
Report Details
Report Title
Magnetic Ink Character Recognition (MICR) Devices Market Research Report
By Type
MICR Printing, Recognition Technology
By Application
Banks and Financial Institutes, Government Agencies, Business Organizations, Others (Retailers, etc.)
By Companies
ACOM Solutions, Canon, Hewlett Packard Company, Epson, Murni Solusindo Nusantara, MagTek, Rosetta Technologies, Source Technologies, Troy Group, Xerox Corporation, Uniform Industrial Corporation, ZIH Corp.
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
231
Number of Tables & Figures
162
Customization Available
Yes, the report can be customized as per your need.
 Devices Industry Outlook.svg)
Global Magnetic Ink Character Recognition (MICR) Devices Market Report Segments:
The global Magnetic Ink Character Recognition (MICR) Devices market is segmented on the basis of:
Types
MICR Printing, Recognition Technology
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Banks and Financial Institutes, Government Agencies, Business Organizations, Others (Retailers, etc.)
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- ACOM Solutions
- Canon
- Hewlett Packard Company
- Epson
- Murni Solusindo Nusantara
- MagTek
- Rosetta Technologies
- Source Technologies
- Troy Group
- Xerox Corporation
- Uniform Industrial Corporation
- ZIH Corp.
 Devices Market Overview.svg)
Highlights of The Magnetic Ink Character Recognition (MICR) Devices Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- MICR Printing
- Recognition Technology
- By Application:
- Banks and Financial Institutes
- Government Agencies
- Business Organizations
- Others (Retailers, etc.)
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Magnetic Ink Character Recognition (MICR) Devices Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
 Devices Market Statistics.svg)
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Magnetic ink character recognition (MICR) devices are used to read and process the printed characters on a piece of paper. MICR devices use a magnetic field to detect the tiny magnetic particles in ink, which allows them to read and process the characters on a document.
Some of the major players in the magnetic ink character recognition (micr) devices market are ACOM Solutions, Canon, Hewlett Packard Company, Epson, Murni Solusindo Nusantara, MagTek, Rosetta Technologies, Source Technologies, Troy Group, Xerox Corporation, Uniform Industrial Corporation, ZIH Corp..
The magnetic ink character recognition (micr) devices market is expected to grow at a compound annual growth rate of 3.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Magnetic Ink Character Recognition (MICR) Devices Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Magnetic Ink Character Recognition (MICR) Devices Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Magnetic Ink Character Recognition (MICR) Devices Market - Supply Chain
4.5. Global Magnetic Ink Character Recognition (MICR) Devices Market Forecast
4.5.1. Magnetic Ink Character Recognition (MICR) Devices Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Magnetic Ink Character Recognition (MICR) Devices Market Size (000 Units) and Y-o-Y Growth
4.5.3. Magnetic Ink Character Recognition (MICR) Devices Market Absolute $ Opportunity
5. Global Magnetic Ink Character Recognition (MICR) Devices Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Magnetic Ink Character Recognition (MICR) Devices Market Size and Volume Forecast by Type
5.3.1. MICR Printing
5.3.2. Recognition Technology
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Magnetic Ink Character Recognition (MICR) Devices Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Magnetic Ink Character Recognition (MICR) Devices Market Size and Volume Forecast by Application
6.3.1. Banks and Financial Institutes
6.3.2. Government Agencies
6.3.3. Business Organizations
6.3.4. Others (Retailers, etc.)
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Magnetic Ink Character Recognition (MICR) Devices Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Magnetic Ink Character Recognition (MICR) Devices Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Magnetic Ink Character Recognition (MICR) Devices Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Magnetic Ink Character Recognition (MICR) Devices Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Magnetic Ink Character Recognition (MICR) Devices Demand Share Forecast, 2019-2029
9. North America Magnetic Ink Character Recognition (MICR) Devices Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Magnetic Ink Character Recognition (MICR) Devices Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Magnetic Ink Character Recognition (MICR) Devices Market Size and Volume Forecast by Application
9.4.1. Banks and Financial Institutes
9.4.2. Government Agencies
9.4.3. Business Organizations
9.4.4. Others (Retailers, etc.)
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Magnetic Ink Character Recognition (MICR) Devices Market Size and Volume Forecast by Type
9.7.1. MICR Printing
9.7.2. Recognition Technology
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Magnetic Ink Character Recognition (MICR) Devices Demand Share Forecast, 2019-2029
10. Latin America Magnetic Ink Character Recognition (MICR) Devices Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Magnetic Ink Character Recognition (MICR) Devices Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Magnetic Ink Character Recognition (MICR) Devices Market Size and Volume Forecast by Application
10.4.1. Banks and Financial Institutes
10.4.2. Government Agencies
10.4.3. Business Organizations
10.4.4. Others (Retailers, etc.)
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Magnetic Ink Character Recognition (MICR) Devices Market Size and Volume Forecast by Type
10.7.1. MICR Printing
10.7.2. Recognition Technology
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Magnetic Ink Character Recognition (MICR) Devices Demand Share Forecast, 2019-2029
11. Europe Magnetic Ink Character Recognition (MICR) Devices Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Magnetic Ink Character Recognition (MICR) Devices Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Magnetic Ink Character Recognition (MICR) Devices Market Size and Volume Forecast by Application
11.4.1. Banks and Financial Institutes
11.4.2. Government Agencies
11.4.3. Business Organizations
11.4.4. Others (Retailers, etc.)
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projectios by Application
11.7. Europe Magnetic Ink Character Recognition (MICR) Devices Market Size and Volume Forecast by Type
11.7.1. MICR Printing
11.7.2. Recognition Technology
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Magnetic Ink Character Recognition (MICR) Devices Demand Share, 2019-2029
12. Asia Pacific Magnetic Ink Character Recognition (MICR) Devices Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Magnetic Ink Character Recognition (MICR) Devices Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Magnetic Ink Character Recognition (MICR) Devices Market Size and Volume Forecast by Application
12.4.1. Banks and Financial Institutes
12.4.2. Government Agencies
12.4.3. Business Organizations
12.4.4. Others (Retailers, etc.)
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Magnetic Ink Character Recognition (MICR) Devices Market Size and Volume Forecast by Type
12.7.1. MICR Printing
12.7.2. Recognition Technology
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Magnetic Ink Character Recognition (MICR) Devices Demand Share, 2019-2029
13. Middle East & Africa Magnetic Ink Character Recognition (MICR) Devices Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Magnetic Ink Character Recognition (MICR) Devices Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Magnetic Ink Character Recognition (MICR) Devices Market Size and Volume Forecast by Application
13.4.1. Banks and Financial Institutes
13.4.2. Government Agencies
13.4.3. Business Organizations
13.4.4. Others (Retailers, etc.)
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Magnetic Ink Character Recognition (MICR) Devices Market Size and Volume Forecast by Type
13.7.1. MICR Printing
13.7.2. Recognition Technology
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Magnetic Ink Character Recognition (MICR) Devices Demand Share, 2019-2029
14. Competition Landscape
14.1. Global Magnetic Ink Character Recognition (MICR) Devices Market: Market Share Analysis
14.2. Magnetic Ink Character Recognition (MICR) Devices Distributors and Customers
14.3. Magnetic Ink Character Recognition (MICR) Devices Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. ACOM Solutions
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Canon
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Hewlett Packard Company
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Epson
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Murni Solusindo Nusantara
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. MagTek
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. Rosetta Technologies
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. Source Technologies
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. Troy Group
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. Xerox Corporation
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. Uniform Industrial Corporation
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. ZIH Corp.
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. COMPANY 13
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. COMPANY 14
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
