Report : Europe Cheque Scanner Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Single-Feed Check Scanners and Multi-Feed Check Scanners) and Application (Banks, and Enterprises and Financial Institutions)
Multi-Feed Check Scanner Segment to Dominate Europe Cheque Scanner Market during 2017–2028
According to a new market research study on “Europe Cheque Scanner Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application,” is expected to reach US$ 275.18 million by 2028 from US$ 193.84 million in 2021. The market is estimated to grow at a CAGR of 5.1% from 2021 to 2028. Surge in need to achieve operation efficiency is the major factor driving the growth of the Europe cheque scanner market. However, cost associated with cheque scanner may hinder the growth of Europe cheque scanner market. The report provides trends prevailing in the Europe cheque scanner market along with the drivers and restraints pertaining to the market growth.
In Europe, Russia is the hardest-hit country by the COVID-19 outbreak, followed by the UK and others. The majority of European countries suffered an economic hit due to the lack of revenues from various industries due to business shutdowns, travel bans, and supply chain disruptions. However, with the advent of the remote cheque deposit model during these crises, the scope of cheque scanners is likely to expand further as the model eliminates the need for waiting in long queues for depositing cheques. Irrespective of such developments, disruptions in supply chains and halts in manufacturing units have limited the manufacturing of cheque scanners, which has led to a decline in revenues of players operating in the European cheque scanner market.
The Europe cheque scanner market segmented by type, application, and country. Based on type, the market is segmented into single-feed check scanner and multi-feed check scanner. In 2020, the multi-feed check scanner segment held the largest share in Europe cheque scanner market. Based on application the market is divided into banks, enterprises and financial institutions. The banks segment accounts for largest market share in the 2020. Similarly, based on country, the market is segmented into UK, Germany, Italy, France, Russia, and rest of Europe. The UK contributed a substantial share in 2020.
ARCA, Canon Inc., Digital Check, Eastman Kodak Company, Epson, Lagona, MagTek Inc, NCR Corporation, and Panini S.p.A. are among the leading companies in the Europe cheque scanner market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, Panini announced its partnership with the Alogent Corp. With this partnerships the company’s focus on developing the first operating system agnostic, all-in-one check capture solution used to meet the branch capture requirement of financial institutions and small businesses and merchants.
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