Report : Middle East and Africa 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 Middle East & Africa Cheque Scanner Market during 2017–2028
According to a new market research study on “Middle East & Africa Cheque Scanner Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application,” is expected to reach US$ 65.64 million by 2028 from US$ 53.21 million in 2021. The market is estimated to grow at a CAGR of 3.0% from 2021 to 2028. Opportunity for continuous innovations is the major factor driving the growth of the Middle East & Africa cheque scanner market. However, cost associated with cheque scanner may hinder the growth of Middle East & Africa cheque scanner market. The report provides trends prevailing in the Middle East & Africa cheque scanner market along with the drivers and restraints pertaining to the market growth.
The Middle East & Africa cheque scanner market is majorly affected by disruptions in the supply chain. The shutdown of country borders for international travel led to disturbances in the supply chains of several components and parts in 2020. Moreover, the demand for cheque scanners has decreased in the region. This has resulted in a loss of business among the cheque scanner manufacturers and distributors offering their products and systems to banks and financial institutions. However, a rise in the focus on the commercialization of the remote deposit model to make cheque payment easier and quick in the UAE is likely to provide significant opportunities to the cheque scanner market players in the coming years.
The Middle East & Africa 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 Middle East & Africa 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 UAE, Saudi Arabia, South Africa, and rest of Middle East & Africa. The UAE contributed a substantial share in 2020.
Canon Inc., Digital Check, Eastman Kodak Company, Epson, MagTek Inc, and NCR Corporation are among the leading companies in the Middle East & Africa 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 2021, NCR Corporation acquired Terafina for customer account opening and onboarding across digital, branch and call center channels.
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