Market Overview:
The global MICR printer market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for secure and efficient printing solutions across different industries. In addition, the growing adoption of digital payments is also contributing to the growth of this market. Based on type, the laser MICR printer segment is expected to account for a major share of the global MICR printer market in 2018. This segment is projected to grow at a CAGR of 6% during the forecast period from 2018-2030.
 Printer Industry Outlook.svg)
Product Definition:
A Magnetic Ink Character Recognition (MICR) Printer is a printer that prints special magnetic ink characters that are used to identify checks and other financial documents. The importance of a MICR printer is that it helps to ensure the accuracy of check payments by providing an automated way to read the information on the checks.
Laser MICR Printer:
Laser micr printer is used for printing the characters from magnetic tapes, floppy disks, and hard drives. The technology uses a laser beam to record the information on paper. It is one of the most reliable technologies used in data storage as it provides permanent records without any physical damage to the media or files.
The global market for laser micr printers was valued at USD 0.00 in 2014.
Inkjet MICR Printer:
Inkjet printer is a device used for printing text and images on to the paper. It works by directing a stream of ink through a print head with the help of an attached feeder. The most common type of inkjet printers are those that use liquid ink, which is typically stored in individual cartridges. In such devices, the print head and its cartridge are separate from the main body; instead, they are mounted directly onto an assembly known as a carriage.
Application Insights:
The banking and financial application segment dominated the market in 2017. The growth of this segment is attributed to the increasing adoption of these devices at POS terminals across banks, ATMs, and currency exchange offices worldwide. Furthermore, a large number of banks are focusing on providing efficient services to their customers by implementing advanced technologies such as contactless payments for mobile transactions and digital wallets for e-commerce payment solutions. This has led to an increased demand for magnetic ink character recognition printers across the banking sector globally.
Regional Analysis:
North America dominated the global market in 2017. The region is expected to maintain its position during the forecast period. This can be attributed to increasing government initiatives and mandates, growing adoption of barcoding systems, and high demand for automated data capture solutions across various industries in North America.
The Asia Pacific regional market is anticipated to witness significant growth over the forecast period owing to rising demand from developing countries such as China and India. In addition, rapid industrialization has led to an increase in number of manufacturing facilities across these regions which will boost product sales over the next few years (Kumar & Chhabra, 2016). Increasing use of magnetic ink character recognition technology by retail companies for efficient inventory management will drive industry growth (Shenzhen HCC Technology Co., Ltd., 2015). Moreover, presence of a large number of MICR printer manufacturers coupled with low-cost production costs offered by these players are some other factors driving industry growth (Inkjet Data Systems Pvt.
Growth Factors:
- Increasing demand for MICR printers from the banking and financial sector for printing checks and other documents.
- Rising demand for MICR printers from the retail sector for printing receipts, bills, and coupons.
- Growing popularity of mobile payments which is fueling the demand for MICR printers in the payment processing industry.
- Proliferation of e-commerce businesses is boosting the demand for MICR printers in logistics and shipping companies.
Scope Of The Report
Report Attributes
Report Details
Report Title
Magnetic Ink Character Recognition (MICR) Printer Market Research Report
By Type
Laser MICR Printer, Inkjet MICR Printer
By Application
Banking and Financial, Retail, Healthcare, Government, Others
By Companies
HP (TROY), Lexmark (Source Technologies), Xerox, Ricoh, Canon (Oce), IBM, ...
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
232
Number of Tables & Figures
163
Customization Available
Yes, the report can be customized as per your need.
Global Magnetic Ink Character Recognition (MICR) Printer Market Report Segments:
The global Magnetic Ink Character Recognition (MICR) Printer market is segmented on the basis of:
Types
Laser MICR Printer, Inkjet MICR Printer
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
Banking and Financial, Retail, Healthcare, Government, Others
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:
- HP (TROY)
- Lexmark (Source Technologies)
- Xerox
- Ricoh
- Canon (Oce)
- IBM
- ...
 Printer Market Overview.svg)
Highlights of The Magnetic Ink Character Recognition (MICR) Printer 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:
- Laser MICR Printer
- Inkjet MICR Printer
- By Application:
- Banking and Financial
- Retail
- Healthcare
- Government
- Others
- 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) Printer 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
 Printer 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?
A magnetic ink character recognition (MICR) printer is a type of printer that uses magnetic ink to print characters and numbers. The printer reads the characters and numbers printed on paper, and then uses that information to generate an output document.
Some of the major companies in the magnetic ink character recognition (micr) printer market are HP (TROY), Lexmark (Source Technologies), Xerox, Ricoh, Canon (Oce), IBM.
The magnetic ink character recognition (micr) printer market is expected to register a CAGR of 5.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Magnetic Ink Character Recognition (MICR) Printer 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) Printer 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) Printer Market - Supply Chain
4.5. Global Magnetic Ink Character Recognition (MICR) Printer Market Forecast
4.5.1. Magnetic Ink Character Recognition (MICR) Printer Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Magnetic Ink Character Recognition (MICR) Printer Market Size (000 Units) and Y-o-Y Growth
4.5.3. Magnetic Ink Character Recognition (MICR) Printer Market Absolute $ Opportunity
5. Global Magnetic Ink Character Recognition (MICR) Printer 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) Printer Market Size and Volume Forecast by Type
5.3.1. Laser MICR Printer
5.3.2. Inkjet MICR Printer
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Magnetic Ink Character Recognition (MICR) Printer 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) Printer Market Size and Volume Forecast by Application
6.3.1. Banking and Financial
6.3.2. Retail
6.3.3. Healthcare
6.3.4. Government
6.3.5. Others
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Magnetic Ink Character Recognition (MICR) Printer 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) Printer 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) Printer 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) Printer 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) Printer Demand Share Forecast, 2019-2029
9. North America Magnetic Ink Character Recognition (MICR) Printer 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) Printer 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) Printer Market Size and Volume Forecast by Application
9.4.1. Banking and Financial
9.4.2. Retail
9.4.3. Healthcare
9.4.4. Government
9.4.5. Others
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) Printer Market Size and Volume Forecast by Type
9.7.1. Laser MICR Printer
9.7.2. Inkjet MICR Printer
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) Printer Demand Share Forecast, 2019-2029
10. Latin America Magnetic Ink Character Recognition (MICR) Printer 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) Printer 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) Printer Market Size and Volume Forecast by Application
10.4.1. Banking and Financial
10.4.2. Retail
10.4.3. Healthcare
10.4.4. Government
10.4.5. Others
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) Printer Market Size and Volume Forecast by Type
10.7.1. Laser MICR Printer
10.7.2. Inkjet MICR Printer
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) Printer Demand Share Forecast, 2019-2029
11. Europe Magnetic Ink Character Recognition (MICR) Printer 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) Printer 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) Printer Market Size and Volume Forecast by Application
11.4.1. Banking and Financial
11.4.2. Retail
11.4.3. Healthcare
11.4.4. Government
11.4.5. Others
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Pojections by Application
11.7. Europe Magnetic Ink Character Recognition (MICR) Printer Market Size and Volume Forecast by Type
11.7.1. Laser MICR Printer
11.7.2. Inkjet MICR Printer
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) Printer Demand Share, 2019-2029
12. Asia Pacific Magnetic Ink Character Recognition (MICR) Printer 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) Printer 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) Printer Market Size and Volume Forecast by Application
12.4.1. Banking and Financial
12.4.2. Retail
12.4.3. Healthcare
12.4.4. Government
12.4.5. Others
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) Printer Market Size and Volume Forecast by Type
12.7.1. Laser MICR Printer
12.7.2. Inkjet MICR Printer
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) Printer Demand Share, 2019-2029
13. Middle East & Africa Magnetic Ink Character Recognition (MICR) Printer 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) Printer 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) Printer Market Size and Volume Forecast by Application
13.4.1. Banking and Financial
13.4.2. Retail
13.4.3. Healthcare
13.4.4. Government
13.4.5. Others
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) Printer Market Size and Volume Forecast by Type
13.7.1. Laser MICR Printer
13.7.2. Inkjet MICR Printer
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) Printer Demand Share, 2019-2029
14. Competition Landscape
14.1. Global Magnetic Ink Character Recognition (MICR) Printer Market: Market Share Analysis
14.2. Magnetic Ink Character Recognition (MICR) Printer Distributors and Customers
14.3. Magnetic Ink Character Recognition (MICR) Printer Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. HP (TROY)
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Lexmark (Source Technologies)
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Xerox
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Ricoh
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Canon (Oce)
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. IBM
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. ...
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. COMPANY8
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. COMPANY9
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. COMPANY 10
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. COMPANY 11
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. COMPANY 12
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
