North America Cheque Scanner Market to Grow at a CAGR of 6.1% to reach US$ 495.19 Million from 2021 to 2028

The cheque scanner market in North America is expected to grow from US$ 328.05 million in 2021 to US$ 495.19 million by 2028; it is estimated to grow at a CAGR of 6.1% from 2021 to 2028.

The banking regulatory authority continuously monitors banking system operation in the country. Moreover, the banking regulatory authority across the region have been promoting digital transformation including the process of digital cheque clearance, thereby driving the demand for cheque scanner. Till the end of 20th century, the cheque clearance in the US was done physically. However, in 2003, congress passed the Check 21 Act, which required fully electronic clearing using cheque images, instead of the original paper cheques. Further, the use of remote deposit capture technology debuted in the US in 2004, creating demand for cheque scanner system in the country. The banking system in the US started using the technology since 2003, which is driving the growth of the North America cheque scanner market.The US is the worst-hit country in North America due to the COVID-19 outbreak. Increasing number of infected individuals led the US federal government to shut down the country borders for international travelers in 2020. The majority of the manufacturing plants either discontinued their operations or continued operating with minimum staff; moreover, travel restrictions disrupted the supply chain of components and parts. These are among the critical issues faced by manufacturers in North American countries in 2020 and early 2021. On the contrary, with a decline in the manufacturing of cheque scanners, the scope of remote deposit capture technology is projected to gain momentum in the upcoming years. Upon facing the consequences of slowdown in the production and sales of cheque scanners, banks are looking forwards to bring latest products such as remote deposit capture technology for enabling digital check deposit services to small business located in remote areas.

North America Cheque Scanner Market Revenue and Forecast to 2028 (US$ Million)

North America Cheque Scanner Market Segmentation   

North America Cheque Scanner Market – By Type

• Single-Feed Check Scanner
• Multi-Feed Check Scanner

North America Cheque Scanner Market – By Application

• Banks
• Enterprises and Financial Institutions

North America Cheque Scanner Market– By Country

• US
• Canada
• Mexico

North America Cheque Scanner Market-Companies Mentioned

• ARCA
• Canon Inc.
• Digital Check
• Eastman Kodak Company
• Epson
• MagTek Inc
• NCR Corporation
• Panini S.p.A.
• RDM Corporation

North America Cheque Scanner Report Scope