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Market Overview of Global Magnetic Ink Character Recognition (MICR) Printer market:
According to our latest research, the global Magnetic Ink Character Recognition (MICR) Printer market looks promising in the next 5 years. As of 2022, the global Magnetic Ink Character Recognition (MICR) Printer market was estimated at USD 113.26 million, and it's anticipated to reach USD 117.07 million in 2028, with a CAGR of 0.55% during the forecast years.
Magnetic Ink Character Recognition (MICR) Printer is a high-quality, reliable printer for all types of MICR documents such as checks, Image Replacement Documents (IRDs), money orders, and WIC documents. Common Magnetic Ink Character Recognition (MICR) Printer products can be divided into laser MICR printers and inkjet MICR printers. At present, Magnetic Ink Character Recognition (MICR) Printer has been widely used in Banking and Financial, Retail, Healthcare, Government and other fields.
Logistics
Due to the epidemic situation, many countries have imposed controls on domestic transportation and the movement of people, and imposed restrictions on imported goods. This has led to various levels of logistics disruption, cargo accumulation and transportation delays. At present, the logistics industry in various countries is gradually recovering operations according to different national policies. It is expected that after the epidemic is further controlled, it will basically return to normal.
The normal operation of the enterprise is affected
For the Magnetic Ink Character Recognition (MICR) Printer industry, the normal operation of enterprises has been affected to a certain extent. In the short term, to contain the COVID-19 outbreak, most countries have introduced a number of policies, including border closures and social distancing. For product manufacturing, the main impact is the supply of raw materials and labor shortages. At the same time, the blockade policy affects the export trade of products.
In the long run, with the gradual control of the epidemic, some factories have begun to resume work. However, in the process of production and operation, enterprises need to protect the life and health of employees, such as purchasing masks, disinfectants and other anti-epidemic materials, disinfecting the working environment before and after production, and checking the temperature of employees every day to ensure the health of employees. These measures will increase the production cost of enterprises and affect the development of enterprises. Additionally, the outbreak of COVID-19 may cause more factories to start using more automated production lines to avoid the impact of the pandemic on the industry.
Use of Commercial Checks by Businesses Drives Market Growth
For any business, no matter its size, it usually depends on steady cash flow to stay afloat. Currently, while many businesses are accepting electronic payments and online transactions, quite a few companies prefer to use checks for most of their commercial banking. On the one hand, many businesses, especially small companies or newly established start-ups, may not have the proper facilities to process electronic or online payments. It's easier for them to receive a check as a form of payment. Because they can leave the end of the matter to the bank. On the other hand, most electronic payments are instant, which means that once paid, they leave the company's bank account. For smaller companies with cash flow issues, paying by check means money leaves the bank account more slowly, and they have some wiggle room.
For businesses that use commercial checks, a common risk is check fraud. Because Magnetic Ink Character Recognition Lines make some forms of financial fraud difficult through the use of tamper-proof magnetic ink and unique fonts. Therefore, MICR makes it difficult to change checks. This has given a huge boost to the growth of the Magnetic Ink Character Recognition (MICR) Printer industry as businesses increase their concerns about the security of commercial checks.
Brand Barriers
After years of precipitation and long-term accumulation, the major brands in the global Magnetic Ink Character Recognition (MICR) Printer market have established a strict product quality control system and a strong product development system. In the process of continuous promotion and promotion of products and brands, these enterprises have finally won consumers' recognition of product quality and safety and their trust in product brands. Once the corporate brand image is established, it will have better stickiness to consumers. Consumers will habitually consume well-known brand products. For a new enterprise to build a well-known brand in a short period of time, it will not only invest a large amount of publicity expenses, but also need a long period of accumulation. Therefore, brand is one of the important barriers to enter the Magnetic Ink Character Recognition (MICR) Printer industry.
Region Overview:
Geographically, United States held the largest market share - 39.87% in 2022.
Company Overview:
HP (TROY) is one of the major players operating in the Magnetic Ink Character Recognition (MICR) Printer market, holding a share of 33.71% in 2023.
HP (TROY)
In 1993, HP approached TROY with an interest in a partnership to provide MICR capabilities to their customers. Driven by this new partnership, the TROY MICR printer was born. TROY Group is a provider of security for checks and documents in digital or printed form. TROY Group products include printers, inks, software and more. HP Inc. develops personal computers, printers and related consumables, and 3D printing solutions.
Lexmark (Source Technologies)
Lexmark is a provider of printing and imaging products, software, solutions and services that help customers save time and money. Founded in 1991 and headquartered in Lexington, Kentucky, Lexmark serves clients in manufacturing, retail, financial services, healthcare, education, government, and more.
Segmentation Overview:
As for product types, the Laser MICR Printer segment held the largest market share in 2022.
Laser MICR Printer
The printing principle of the laser MICR printer is to use the laser scanning imaging technology to make the imaging drum charged with static electricity to attract toner, and at the same time, the heating roller heats the paper to melt the toner in the paper to complete thermal imaging printing.
Inkjet MICR Printer
The inkjet MICR printer converts the colored liquid ink into fine particles through the nozzle and sprays it onto the printing paper to complete the printing.
Application Overview:
The market's largest segment by application is the segment Banking and Financial, with a market share of 68.71% in 2022.
This report covers a research time span from 2018 to 2028, and presents a deep and comprehensive analysis of the global Magnetic Ink Character Recognition (MICR) Printer market, with a systematical description of the status quo and trends of the whole market, a close look into the competitive landscape of the major players, and a detailed elaboration on segment markets by type, by application and by region.
Key Takeaways from the Global Magnetic Ink Character Recognition (MICR) Printer Market Report:
Market Size Estimates: Magnetic Ink Character Recognition (MICR) Printer market size estimation in terms of value and sales volume from 2018-2028
Market Trends and Dynamics: Magnetic Ink Character Recognition (MICR) Printer market drivers, opportunities, challenges, and risks
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Magnetic Ink Character Recognition (MICR) Printer market
Segment Market Analysis: Magnetic Ink Character Recognition (MICR) Printer market value and sales volume by type and by application from 2018-2028
Regional Market Analysis: Magnetic Ink Character Recognition (MICR) Printer market situations and prospects in North America, Asia Pacific, Europe, Latin America, Middle East, Africa
Country-level Studies on the Magnetic Ink Character Recognition (MICR) Printer Market: Revenue and sales volume of major countries in each region
Magnetic Ink Character Recognition (MICR) Printer Market Competitive Landscape and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product profile and application, etc.
Trade Flow: Import and export volume of the Magnetic Ink Character Recognition (MICR) Printer market in major regions.
Magnetic Ink Character Recognition (MICR) Printer Industry Value Chain: Magnetic Ink Character Recognition (MICR) Printer market raw materials & suppliers, manufacturing process, distributors, downstream customers
Magnetic Ink Character Recognition (MICR) Printer Industry News, Policies & Regulations
Key players in the global Magnetic Ink Character Recognition (MICR) Printer market are covered in Chapter 12:
HP (TROY)
Ricoh
Xerox
Lexmark (Source Technologies)
In Chapter 2 and Chapter 15.1, based on types, the Magnetic Ink Character Recognition (MICR) Printer market from 2018 to 2028 is primarily split into:
Laser MICR Printer
Inkjet MICR Printer
In Chapter 3 and Chapter 15.2, based on applications, the Magnetic Ink Character Recognition (MICR) Printer market from 2018 to 2028 covers:
Banking and Financial
Retail
Healthcare
Government
Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions are covered in Chapter 7, 8, 9, 10, 11, 15.3, 15.4:
North America (Covered in Chapter 7)
United States
Canada
Asia-Pacific (Covered in Chapter 8)
China
Japan
India
South Korea
Southeast Asia
Australia
Others
Europe (Covered in Chapter 9)
Germany
France
UK
Italy
Spain
Russia
Poland
Others
Latin America (Covered in Chapter 10)
Mexico
Brazil
Argentina
Others
Middle East and Africa (Covered in Chapter 11)
GCC Countries
Africa
Others
The data of this research report is mainly obtained from industry associations, magazines, press releases, national customs, annual reports of enterprises, expert interviews, paid databases and other channels with authority. It also provides scientific forecasts of the industry's core development indicators through professional analysis and forecasting models.
In short, whatever role you take in this industry value chain, this report will help you or your company to acquire a systematic and in-depth understanding of the industry.
Chapter Outline
This report consists of 16 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 starts the report with an overview of the Magnetic Ink Character Recognition (MICR) Printer market, as well as the definitions of the target market and the subdivisions. Through the presented global market size, regional market sizes, and segment market shares, you will be able to draw an overall and comprehensive picture of the market situation. Meanwhile, the research method and data source will be shared in this chapter.
Chapter 2 and Chapter 3 breaks down the market by different types and applications, with historic data presented in metrics of sales volume, revenue, market share and growth rate.
Chapter 4 elaborates on market dynamics and future trends in the industry, which contains an in-depth analysis of market drivers, opportunities, challenges, and risks. Other essential factors that will have a major impact on the market, i.e., industry news and policies in recent years, global inflation, and regional conflict, are also taken into consideration.
Chapter 5 compares the sales volume and revenue of the major regions across the globe, which enables the readers to understand the regional competitive pattern.
Chapter 6 is the analysis of the trade flow. Import volume and export volume are revealed on a regional level.
Chapters 7-11 focus on country-level studies. Data from the major countries in each region are provided, showing the current development of the industry in different countries. Besides, you will also find qualitative trends analysis under global inflation under each of the 6 regions.
Chapter 12 first up presents the competitive landscape by displaying and comparing the revenues, sales volumes, and market shares of the top players in the market, followed by a company-by-company analysis of all the major market participants with introductions of their products, product applications, company profiles, and business overview. In addition, their competitiveness is manifested through numbers of sales volume, revenue, price, gross and gross margin.
Chapter 13 looks into the whole market industrial chain, ranging from the upstream key raw materials and their suppliers to midstream distributors and downstream customers, with influences of global inflation taken into consideration.
Chapter 14 is perfect for those who wish to develop new projects in the industry. This chapter sheds a light on industry entry barriers and gives suggestions on new project investments.
Chapter 15 forecasts the future trend of the market from the perspective of different types, applications, and major regions.
Chapter 16 is the conclusion of the report which helps the readers sum up the main findings and insights.
Years considered for this report:
Historical Years: 2018-2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2023-2028