Digital Check Scanning Solutions Market to Reach USD 1,341.4 Million by 2028; Increasing Digital Payment Processing Adoption to Propel Market Growth: Says Fortune Business InsightsTM

Companies Profiled in the Digital Check Scanning Solutions Market are ARCA Tech Systems LLC (California, U.S.), Canon U.S.A Inc. (New York, U.S.), Digital Check Corp (Illinois, U.S.), Epson America, Inc. (California, U.S.), ARCA Tech Systems LLC (California, U.S.), Canon U.S.A Inc. (New York, U.S.), Digital Check Corp (Illinois, U.S.), Epson America, Inc. (California, U.S.), Fujitsu Limited (Tokyo, Japan), MagTek Inc.( California, U.S.), NCR Corporation (Georgia, U.S.), Panini S.P.A. (Italy, Europe), RDM, (A Deluxe Company) (Minnesota, U.S.), Nimble Information Strategies Inc. (California, U.S.), Kodak Alaris(Parent-Eastman Kodak Company) (New York, U.S.), Iagona (Saint-Cloud, France).

Pune, India, March 01, 2022 (GLOBE NEWSWIRE) — The global Digital Check Scanning Solutions Market size is anticipated to hit USD 1,341.4 million by 2028 and exhibit a CAGR of 5.8% during the forecast period. The increasing digital payment processing adoption by banks and financial institutions is expected to be a key factor driving market growth. Fortune Business Insights^TM has presented this information in its report titled, “Digital Check Scanning Solutions Market, 2021-2028”. The market size stood at USD 867.2 million in 2020 and is expected to be worth USD 906.1 million in 2021.
Additionally, the growing demand for Remote Deposit Capture (RDC) due to changing consumer expectations is likely to emerge as a key trend influencing the market growth.

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Companies Profiled in the Digital Check Scanning Solutions Market:

• ARCA Tech Systems LLC (California, U.S.)
• Canon U.S.A Inc. (New York, U.S.)
• Digital Check Corp (Illinois, U.S.)
• Epson America, Inc. (California, U.S.)
• ARCA Tech Systems LLC (California, U.S.)
• Canon U.S.A Inc. (New York, U.S.)
• Digital Check Corp (Illinois, U.S.)
• Epson America, Inc. (California, U.S.)
• Fujitsu Limited (Tokyo, Japan)
• MagTek Inc.( California, U.S.)
• NCR Corporation (Georgia, U.S.)
• Panini S.P.A. (Italy, Europe)
• RDM
• (A Deluxe Company) (Minnesota, U.S.)
• Nimble Information Strategies Inc. (California, U.S.)
• Kodak Alaris(Parent-Eastman Kodak Company) (New York, U.S.)
• Iagona (Saint-Cloud, France)

COVID-19 Impact-

Growing Investment in BFSI Sector to Boost Market Growth amid Pandemic
The rapid digitization observed during the pandemic has significantly bolstered the market growth. The increased government investments in the BFSI sector and the augmented adoption of digital banking solutions by consumers have positively contributed to the market growth. However, the market experienced slight hindrances due to the disrupted demand and supply of digital check scanning solutions during the pandemic. Nonetheless, the market is projected to attain substantial growth due to the increasing supply of digital check scanners.

To get to know more about the short-term and long-term impact of COVID-19 on this market,

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REPORT SCOPE & SEGMENTATION:

Segmentation-

On the basis of components, the market is bifurcated into services and solutions. On the basis of type, the market is segmented into multi-feed check scanning solutions and single-feed check scanning solutions. On the basis of industry, the market is fragmented into government and non-profit organizations, Banks, Financial Institutions and Credit Unions, and others. Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Report Coverage-

• It highlights key growth drivers and suggests strategies to overcome the restraints to market growth.
• It includes companies profiled according to their market rankings and the strategies adopted by them to stay at the top of the game.
• It highlights the impact of the COVID-19 pandemic on the market.
• It incorporates SWOT Analysis and Porters’ Five Forces Analysis for accurate market prediction.
• It includes the latest industry developments.

Drivers & Restraints-

Rising Adoption of Digital Payment Systems to Fuel Market Growth

Digital check scanners are widely used by credit unions, banks, and financial institutions to augment profitability and productivity in an automated manner. The rising adoption of digital payment systems for payment processing by banks and financial institutions is increasing and is likely to boost the global digital check scanning solutions market growth.
Additionally, the growing demand for RDC is expected to fuel market growth in the forthcoming years. The increasing preference for RDC due to changing consumer expectations is anticipated to create lucrative growth for the market.
However, the high capital costs required in the initial stages may hinder market growth.

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Regional Insights-

Presence of Leading Market Players, Banks, and Financial Institutions to Amplify Growth in North America

North America is predicted to dominate the global digital check scanning solutions market growth. The presence of major market players, including  Kodak Alaris, ARCA Tech Corp, RDM, HP Development Company, Epson America Inc., leading banks, and financial institutions, is anticipated to be a key factor driving the region’s market growth.
Europe is expected to witness substantial growth in the forthcoming years. The swift digitalization and the launch of technologically advanced solutions across financial and banking institutions are expected to drive regional market growth.

Asia Pacific is anticipated to register tremendous growth in the global market. The increasing digitalization in the banking sector during the pandemic is primarily boosting the digital check scanning solutions adoption and fostering the market growth. Increasing government initiatives and investments in Japan, India, South Korea, and other countries is predicted to complement the market growth in Asia Pacific.

Competitive Landscape-

Key Players Emphasize New Product Launches to Garner Growth
The major players operating in the market emphasize developing modern technologies across digital check scanning solutions to provide ingenious solutions to various organizations. They adopt various strategies, including collaborations, acquisitions, partnerships, new product launches, and others to expand their businesses worldwide. For instance, Panini S.p.A. launched Panini Vision E, a new check scanner, in September 2020. The new scanner is API-free and offers scan, capture, and truncation functions across several applications and host devices.

Industry Developments-

• October 2021: Kodak Alaris entered into a partnership with Emmedi, an Italian company, to offer reliable and cost-effective check processing solutions to banks. The packaged solution of Kodak S200 Series Scanners with Emmedi’s 4Cheque application is now offered with this partnership.

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Table of Content:

• Introduction
  • Definition, By Segment
  • Research Methodology/Approach
  • Data Sources
• Executive Summary
• Market Dynamics
  • Macro and Micro Economic Indicators
  • Drivers, Restraints, Opportunities and Trends
  • Impact of COVID-19
    • Short-term Impact
    • Long-term Impact
• Competition Landscape
  • Business Strategies Adopted by Key Players
  • Consolidated SWOT Analysis of Key Players
  • Global Digital Check Scanning Solutions Key Players Market Share Insights and Analysis, 2021               
  • Porter’s Five Force Analysis
• Global Digital Check Scanning Solutions Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
  • Key Findings
  • By Component (USD)
    • Solutions
    • Services
  • By Type (USD)
    • Single Feed Check Scanning Solution
    • Multi Feed Check Scanning Solution
  • By Industry (USD)
    • Banks, Financial Institutions and Credit Unions
    • Government and Non Profit Organisations
    • Others(Real Estate, Retail, Healthcare)
  • By Region (USD)
    • North America
    • South America
    • Europe
    • Middle East & Africa
    • Asia Pacific
• North America Digital Check Scanning Solutions Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
  • Key Findings
  • By Component (USD)
    • Solutions
    • Services
  • By Type (USD)
    • Single Feed Check Scanning Solution
    • Multi Feed Check Scanning Solution
  • By Industry (USD)
    • Banks, Financial Institutions and Credit Unions
    • Government and Non Profit Organisations
    • Others(Real Estate, Retail, Healthcare)
  • By Country (USD)
    • United States
      • By Industry
    • Canada
      • By Industry
    • Mexico
      • By Industry

TOC Continued.

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