Latest Update: Impact of current COVID-19 situation has been considered in this report while making the analysis.
Global Magnetic Ink Character Recognition (MICR) Printer Market by Type (Laser MICR Printer, Inkjet MICR Printer), By Application (Banking and Financial, Retail, Healthcare, Government, Others) And By Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast From 2022 To 2030-report

Global Magnetic Ink Character Recognition (MICR) Printer Market by Type (Laser MICR Printer, Inkjet MICR Printer), By Application (Banking and Financial, Retail, Healthcare, Government, Others) And By Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast From 2022 To 2030

Report ID: 136136 3300 Machinery & Equipment 377 232 Pages 4.5 (35)

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.

Global Magnetic Ink Character Recognition (MICR) Printer Industry Outlook

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


Historical Year

2019 to 2020 (Data from 2010 can be provided as per availability)

Forecast Year


Number of Pages


Number of Tables & Figures


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:


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.


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:

  1. HP (TROY)
  2. Lexmark (Source Technologies)
  3. Xerox
  4. Ricoh
  5. Canon (Oce)
  6. IBM
  7. ...

Global Magnetic Ink Character Recognition (MICR) Printer Market Overview

Highlights of The Magnetic Ink Character Recognition (MICR) Printer Market Report:

  1. The market structure and projections for the coming years.
  2. Drivers, restraints, opportunities, and current trends of market.
  3. Historical data and forecast.
  4. Estimations for the forecast period 2030.
  5. Developments and trends in the market.
  6. By Type:

    1. Laser MICR Printer
    2. Inkjet MICR Printer
  1. By Application:

    1. Banking and Financial
    2. Retail
    3. Healthcare
    4. Government
    5. Others
  1. Market scenario by region, sub-region, and country.
  2. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
  3. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
  4. 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

Global Magnetic Ink Character Recognition (MICR) Printer Market Statistics

8 Reasons to Buy This Report

  1. Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
  2. Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
  3. Implemented Robust Methodology to Prepare the Report
  4. Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
  5. Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
  6. Provides Information About the Top-winning Strategies Implemented by Industry Players.
  7. In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
  8. 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) Overview Financials Developments Strategic Outlook
      14.4.2. Lexmark (Source Technologies) Overview Financials Developments Strategic Outlook
      14.4.3. Xerox Overview Financials Developments Strategic Outlook
      14.4.4. Ricoh Overview Financials Developments Strategic Outlook
      14.4.5. Canon (Oce) Overview Financials Developments Strategic Outlook
      14.4.6. IBM Overview Financials Developments Strategic Outlook
      14.4.7. ... Overview Financials Developments Strategic Outlook
      14.4.8. COMPANY8 Overview Financials Developments Strategic Outlook
      14.4.9. COMPANY9 Overview Financials Developments Strategic Outlook
      14.4.10. COMPANY 10 Overview Financials Developments Strategic Outlook
      14.4.11. COMPANY 11 Overview Financials Developments Strategic Outlook
      14.4.12. COMPANY 12 Overview Financials Developments Strategic Outlook
      14.4.13. COMPANY 13 Overview Financials Developments Strategic Outlook
      14.4.14. COMPANY 14 Overview Financials Developments Strategic Outlook
      14.4.15. COMPANY 15 Overview Financials Developments Strategic Outlook
      14.4.16. COMPANY 16 Overview Financials Developments Strategic Outlook
      14.4.17. COMPANY 17 Overview Financials Developments Strategic Outlook
      14.4.18. COMPANY 18 Overview Financials Developments Strategic Outlook
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