Global market for magnetic ink character recognition devices market will likely register a 1.6% CAGR from 2017 to 2025 to become worth US$665.6 mn by 2025.
Albany, NY -- (SBWIRE) -- 11/30/2017 -- Magnetic ink recognition devices help in reading and scanning the information directly into a data collection device. It even helps in printing the documents, which are readable even with marking, mutilation and stamping. Now, the new opportunities that are available in the MICR device market are the optimization of readiness, bandwidth, storage and data precision.
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Market Research Hub has added a new research report to its repository titled 'Magnetic Ink Character Recognition (MICR) Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025'. The report gives a brief overview and analysis of the global MICR devices market along with the drivers of the market, the restraints that are limiting the growth of market and also the trends that are governing the market during the forecast period. This comprehensive research report provides all the necessary information that is required for a business that is looking for opportunities to grow in the highly lucrative segments of global MICR devices market. The information is presented in a systematic manner to maintain the flow and build a base for it by first giving an introduction to it. It also simplifies the market study and its understanding by dividing the market into various segments on the basis of different parameters. Furthermore, it includes a section dedicated to the competitive landscape of the market. It gives a detailed profile of the major players in the global MICR devices market. According to the report, the market is expected to face challenges in growth due to factors like growing developments in the advanced payment methodologies system and high costs of MICR readers, printers and ink toners that are required for printing.
Global MICR Devices Market: Market Segmentation
The global market for magnetic ink recognition devices is bifurcated into different parts in the research report. It includes segmentation on the basis of technology, end user and region. In terms of technology, the global MICR devices market is segmented into hybrid device, MICR printing, dual magnetic reader, ribbon encoding, matrix readers, non-impact MICR printing, waveform readers and recognition technology. On the basis of end user, the market is segmented into business organizations, banks and financial institutes and government agencies, etc. Based on region, the market segmentation includes North America, Europe, APAC, MEA and South America. The research report gives a crystal clear analysis, Y-o-Y growth projections and comparison of every segment, which helps in estimating accurate market forecasts.
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Global MICR Devices Market: Competitive Landscape
A brief on the key players that are included in the report can be very useful to the existing businesses in the market and also the new entrants. It provides the current developments as well as the future strategies of these key players in the global MICR devices market. It will also help them compete and plan counter strategies effectively. Some of these key players included in the report are ZIH Corp., COM Solutions, Uniform Industrial Corporation, Canon, Inc., Xerox Corporation Ltd, Hewlett Packard Company, Troy Group, Inc., Epson America, Inc., Source Technologies, Murni Solusindo Nusantara, ., Vertical Infonet Pvt.Ltd., MagTek, Inc., Rosetta Technologies and Panini SpA.
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