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)
Market Introduction
The cheque scanner market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, and the UAE. The region is expected to witness commercialization and industrialization, which would further boost the growth of various sectors. The Gulf countries are economically developed, while the African countries are yet to match up to the economic conditions of these countries. In the era of technological developments, integration of advanced technologies is increasing in a range of industries, including banks and financial institutions in Middle East. The region also witnesses footprints of companies such as Quick Cheque and Canon, Inc., which would help the banks and financial institutions to scan cheques quickly by eradicating human labor. Canon had introduced four new image FORMULA cheque scanners namely: CR-135i II, CR-190i II, CR190i II UV, and CR-135 II UV in Middle East to a large number of retailers, banks, and financial institutions with an aim to strengthen reliability, speed, and security. Additionally, the presence of gigantic banks in the region is another factor that would boost the deployment of cheque scanners. Emirates NBD, National Bank of Abu Dhabi, First Gulf Bank, Qatar National Bank, and First Abu Dhabi Bank are among the key banks of the region. To endure seamless process of cheque payments, the deployment of cheque scanner at top banks will increase. This factor is expected to propel the market growth during the forecast period.
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.
Market Overview and Dynamics
The cheque scanner market in Middle East & Africa is expected to grow from US$ 53.21 million in 2021 to US$ 65.64 million by 2028; it is estimated to grow at a CAGR of 3.0% from 2021 to 2028. Increase in need to achieve operation efficiency; cheques are still a popular payment option for a large number of enterprises working across industry vertical. To effectively manage the operation of cheques clearance, the institutions are deploying cheque scanners at their branches. Cheque scanner increases the overall productivity by allowing the banks to automatically process cheques. It eliminates the time spent on manual number inputs, physical storing, organizing, and retrieving information in the entire cheque clearing process. Therefore, with the deployment of cheque scanner, all the complicated processes are converted into a simple and smooth process. As the cheque scanner helps in scanning cheques through the scanner remotely within a few seconds, there is no need for additional cheque verification; hence, the money is received faster. Cheque scanners use magnetic ink character recognition to quickly read and automatically store data from the cheque. Moreover, cheque scanner reduces the overall operating cost by lowering the number of manpower dedicated to process the transaction. Further, cheque scanner allows institution to monitor cheques against the database, therefore avoid any fraudulent activity. Cheques can also be verified for authentication using public key cryptography and digital signatures, thereby making the entire process secure and authenticated. Therefore, need to achieve operational efficiency and strengthen relationship between institutions and customers are driving the growth of the Middle East & Africa cheque scanner market.
Key Market Segments
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 & financial institutions. The banks segment accounts for largest market share in the 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the cheque scanner market in Middle East & Africa are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Canon Inc., Digital Check, Eastman Kodak Company, Epson, MagTek Inc, and NCR Corporation among others.
Reasons to buy report
- To understand the Middle East & Africa cheque scanner market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for Middle East & Africa cheque scanner market
- Efficiently plan M&A and partnership deals in Middle East & Africa cheque scanner market by identifying market segments with the most promising probable sales
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form Middle East & Africa cheque scanner market
- Obtain market revenue forecast for market by various segments from 2021-2028 in Middle East & Africa region.
MIDDLE EAST & AFRICA CHEQUE SCANNER MARKET SEGMENTATION
By Type
- Single-Feed Check Scanner
- Multi-Feed Check Scanner
By Application
- Banks
- Enterprises and Financial Institutions
By Country
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Company Profiles
- Canon Inc.
- Digital Check
- Eastman Kodak Company
- Epson
- MagTek Inc
- NCR Corporation
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. MEA Cheque Scanner Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 MEA– PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. MEA Cheque Scanner Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increase in Need to Achieve Operation Efficiency
5.2 Market Restraints
5.2.1 Cost Associated with Cheque Scanner
5.3 Market Opportunities
5.3.1 Opportunity for Continuous Innovations
5.4 Market Trend
5.4.1 Trend Towards Remote Deposit Capture (RDC)
5.5 Impact Analysis of Drivers and Restraints
6. Cheque Scanner Market – MEA Analysis
6.1 Cheque Scanner Market MEA Overview
6.2 MEA Cheque Scanner Market –Revenue and Forecast to 2028 (US$ Million)
7. MEA Cheque Scanner Market Analysis – By Type
7.1 Overview
7.2 MEA Cheque Scanner Market, By Type (2020 and 2028)
7.3 Single-Feed Scanner
7.3.1 Overview
7.3.2 Single-Feed Scanner: MEA Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Multi-Feed Scanner
7.4.1 Overview
7.4.2 Multi-Feed Scanner: MEA Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
8. MEA Cheque Scanner Market Analysis – By Application
8.1 Overview
8.2 MEA Cheque Scanner Market Breakdown, By Application, 2020 & 2028 (%)
8.3 Banks
8.3.1 Overview
8.3.2 Banks: MEA Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Enterprises & Financial Institutions
8.4.1 Overview
8.4.2 Enterprises & Financial Institutions: MEA Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
9. MEA Check Scanner Market – Country Analysis
9.1 Overview
9.1.1 MEA: Cheque Scanner Market- by Key Country
9.1.1.1 South Africa: Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 South Africa: Cheque Scanner Market- by Type
9.1.1.1.2 South Africa: Cheque Scanner Market- By Application
9.1.1.2 Saudi Arabia: Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 Saudi Arabia: Cheque Scanner Market- by Type
9.1.1.2.2 Saudi Arabia: Cheque Scanner Market- By Application
9.1.1.3 UAE: Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 UAE: Cheque Scanner Market- by Type
9.1.1.3.2 UAE: Cheque Scanner Market- By Application
9.1.1.4 Rest of MEA: Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.4.1 Rest of MEA: Cheque Scanner Market- by Type
9.1.1.4.2 Rest of MEA: Cheque Scanner Market- By Application
10. MEA Cheque Scanner Market- COVID-19 Impact Analysis
10.1 Overview
11. MEA Cheque Scanner Market-Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Merger and Acquisition
11.4 New Development
12. Company Profiles
12.1 Epson
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Canon Inc.
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Digital Check
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 MagTek Inc
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 NCR Corporation
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Eastman Kodak Company
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. MEA Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
Table 2. South Africa: Cheque Scanner Market- by Type –Revenue and Forecast to 2028 (US$ Million)
Table 3. South Africa: Cheque Scanner Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 4. Saudi Arabia: Cheque Scanner Market- by Type –Revenue and Forecast to 2028 (US$ Million)
Table 5. Saudi Arabia: Cheque Scanner Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 6. UAE: Cheque Scanner Market- by Type –Revenue and Forecast to 2028 (US$ Million)
Table 7. UAE: Cheque Scanner Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 8. Rest of MEA: Cheque Scanner Market- by Type –Revenue and Forecast to 2028 (US$ Million)
Table 9. Rest of MEA: Cheque Scanner Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 10. List of Abbreviation
LIST OF FIGURES
Figure 1. MEA Cheque Scanner Market Segmentation
Figure 2. MEA Cheque Scanner Market Segmentation – By Country
Figure 3. MEA Cheque Scanner Market Overview
Figure 4. Multi-Feed Scanner Segment is Expected to Dominate the Market by Type
Figure 5. Banks Segment held Largest Market Share in 2020
Figure 6. UAE held Largest Market Share in 2020
Figure 7. MEA– PEST Analysis
Figure 8. Expert Opinion
Figure 9. MEA Cheque Scanner Market Impact Analysis of Drivers and Restraints
Figure 10. MEA Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
Figure 11. MEA Cheque Scanner Market Revenue Share, by Type (2020 and 2028)
Figure 12. Single-Feed Scanner: MEA Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
Figure 13. Multi-Feed Scanner: MEA Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. MEA Cheque Scanner Market Revenue Share, by Application (2020 and 2028)
Figure 15. Banks: MEA Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. Enterprises & Financial Institutions: MEA Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. MEA: Cheque Scanner Market, by key Country – Revenue (2020) (US$ Million)
Figure 18. MEA: Cheque Scanner Market Revenue Share, By Key Country (2020 and 2028)
Figure 19. South Africa: Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. Saudi Arabia: Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. UAE: Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Rest of MEA: Cheque Scanner Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Impact of COVID-19 Pandemic in Middle East & Africa Country Markets- Canon Inc.
- Digital Check
- Eastman Kodak Company
- Epson
- MagTek Inc
- NCR Corporation
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