MICR Printer Market is projected to grow with CAGR of 1.42% during the forecast period of 2017 to 2025.In 2017, the laser segment generated the highest revenue share in the global Magnetic Ink Character Recognition (MICR) printer market.
MICR printers are an effective solution for printing secure and informative negotiable documents, especially bank cheques. It offers a magnetic coding that enables easy processing of the document. MICR printers have proved to be quite useful in printing WIC vouchers as well. MICR printers are capable of printing addresses, logos, amounts, and the MICR line all at once on blank cheques stock, thus eliminating the need to maintain, purchase and secure pre-printed cheques stock.
The global market for MICR printer market is majorly driven by the optimization of storage, bandwidth and precision of data. However, high costs of the MICR readers, printers and ink toners required for printing might hinder the market growth.
MICR PRINTER MARKET DETERMINANTS-IMPACT ANALYSIS, 2017 Vs. 2022
The global MICR printer market is segmented on the basis of type, application, and geography. By type, the market is segmented as inkjet MICR printer, and laser MICR printer. On the basis of application, the market is segmented as bank, and other. Geographically, the market is segmented into North America, China, Europe, and Japan.
MICR PRINTER MARKET REVENUE AND GROWTH RATE, 2017-2022
Some major market players of the MICR printer market Ricoh, Relyco, HP, Lexmark, Canon, Xerox, Fuji, Lenovo, and Delphax Technologies Inc.
MICR Printer Market Segmentation
• Inkjet MICR printer
• Laser MICR printer
• North America
MICR Printer Market Key Players
• Delphax Technologies Inc.