MICR Printings Market Size Expected to Be Valued at $182.24 Million by 2027

MICR Printings Market
Banks and Financial Institutions Use Character Recognition Technology To Validate Documents and Cheques Which Is Majorly Driving the Growth of MICR Printings Market

MICR Printings Market size is expected to be valued at $182.24 million by the end of the year 2027 and is set to grow at a CAGR of 2.3% during the forecast period from 2022-2027. The increase in incidents of counterfeiting of bank documents is compelling banks and financial institutions to adopt MICR printing technologies. Furthermore, the increase in the need for security and safety in using bank instruments like cheques, demand draft forms and other instruments is driving the need for magnetic coding technology and barcode technologies. This is further driving the growth of character recognition technology, which provides security in use of bank instruments. Banks and financial institutions use character recognition technology to validate documents and cheques which is majorly driving the growth of MICR printings market.

COVID-19 impact

Amid the Covid-19 pandemic, MICR printings market witnessed a steady decline in the demand and growth due to the various economic and legal restrictions laid by countries across the world. The various restrictions and ban on trade activities, imports, exports and other activities further lead to the slowdown of the operations of the MICR printings market. The covid-19 pandemic caused losses to the MICR printings market in terms of production, sales and distribution. Therefore, the MICR printings market was very dull and witnessed a slow growth during the year 2020. The MICR printings market is however set to improve and grow substantially during the end of the year 2021.

MICR Printings Market Segment Analysis – By Technology

Laser Magnetic Ink Character Recognition Printings segment held the largest share of 34% in the MICR printings market in the year 2021. Laser Magnetic Ink Character Recognition Printings is used in character recognition technology and magnetic coding technology which is used in printing cheques. The increase in manufacturing and issuing of cheques in the BFSI sector is widely increasing the demand for MICR printings market. Magnetic Ink Character Recognition Printings provides unique magnetic coding that cannot be counterfeited. This helps in reducing the risks of fraudulent activities taking place in the BFSI sector. This is hugely driving the Laser Magnetic Ink Character Recognition Printings segment in the MICR printings market.

MICR Printings Market Segment Analysis – By MICR Toner

Dual Component Toner Systems segment held the largest share of 54% in the MICR printings market in the year 2021. Dual Component Toner Systems prints better quality cheques, has continuous tones and is self-contained. Dual component technology also keeps up with high speed printing technology. Dual component technology helps in bringing better efficiency to keep up with the speed of high quality. Furthermore, dual component systems are cost efficient as it only cost low per page due to a technology called ‘electro photo graphic subsystem’ which does not have to be discarded when the toner is utilized. The toner is replaceable. This is increasingly driving the demand for dual component toner systems segment in the MICR printings market.

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MICR Printings Market Segment Analysis – By Processing

High speed processing segment held the largest share of 46% in the MICR printings market in the year 2021. With the advance in technology in the recent days, there has been an increase in demand for high speed processing technology to keep up with the growing demand. Character recognition technology and barcode technologies are high speed processing technologies, which is widely used in the banking sector and other end use industries like government agencies, business organizations and others. The increase in banking activities coupled with the fast phased banking functions, is highly driving the demand for high speed processing segment in the magnetic ink characteristic recognition printings market.

MICR Printings Market Segment Analysis – By Application

Manufacturing of cheques segment held the largest share of 58% in the MICR printings market in the year 2021. The increase in the adoption of cashless transactions is highly driving the demand for cheques and other related bank instruments. The increasing demand for such cashless transactions which provides more financial security, ease in transactions and a record of the transaction is further increasing the demand for manufacturing of cheques. Character recognition technology and magnetic coding technology are majorly used in the production of cheques for creating unique barcodes and characters which cannot be copied by fraudulent entities. This is majorly driving the demand for the MICR printings market.

MICR Printings Market Segment Analysis – By End-Use Industry

Banking, Financial Services and Insurance (BFSI) Industry held the largest share of 44% in the MICR printings market in the year 2021. The increase in the growth of the Banking, Financial Services and Insurance (BFSI) Industry in the recent days is one of the major factors driving the demand for MICR printings in the Banking, Financial Services and Insurance (BFSI) Industry. According to International banking statistics, the total claims (foreign claims and domestic claims) of all bank nationalities amounted to US$64,030.1 in the fourth quarter of the year 2020, an increase of 3.23% from the total claims of US$62,023.8 billion during the third quarter of the year 2020. This is driving the demand for MICR printings market in the Banking, Financial Services and Insurance (BFSI) Industry

MICR Printings Market Segment Analysis – By Geography

Asia-Pacific region held the largest share of 42% in the MICR printings market in the year 2021. The rapid growth in the population coupled with the development of the banking sector in the region is contributing to the growth of the MICR printings market. According to Indian Brand Equity Foundation (IBEF), the deposits in Indian banks grew by 13.93% to US$1.93 trillion in the year 2020 and the assets of the public sector banks of India stood at US$1.52 trillion in the year 2020. Furthermore according to International Banking Statistics, the total claims (foreign claims and domestic claims) of Asia amounted to US$14,155.5 billion in the fourth quarter of the year 2020, an increase of 8.945% from the total claims of US$12,993.2 billion during the fourth quarter of the year 2019. This is driving the demand for MICR printings market in the Asia Pacific region.

MICR Printings Market Drivers 

Increasing Demand for Quick and Secure Document Processing Technology

Character recognition technology and barcode technologies are used in creating unique characters and barcodes on cheques and other bank instruments. This is done to eradicate fraudulent activities and counterfeiting of bank documents for facilitating a secure document processing. This is driving the demand for MICR printings market. The increase in demand for a safe and secure banking transactions is further increasing the demand for magnetic coding technology. Magnetic coding technology helps in identifying any overwritten characters on the bank instruments and therefore in avoiding fraudulent transactions. This is increasing the demand and growth of magnetic ink character recognition printings market.

Increasing Demand in BFSI services

The increase in the growth of Bank, Financial services and Insurance sector is driving the demand for MICR printings market. The advancement in technology, investments in new technologies and other factors is highly contributing to the growth of BFSI sector. This is further driving the demand for MICR printings market, since character recognition technology and barcode technologies are majorly used in the BFSI sector. The growing bank sector is increasing the demand for MICR printings market. According to International Banking Statistics, the total claims (foreign claims and domestic claims) of all bank nationalities amounted to US$64,030.1 in the fourth quarter of the year 2020, an increase of 12.65% from the total claims of US$56,835.3 billion during the fourth quarter of the year 2019. This is contributing to the demand for MICR printings in the BFSI sector.

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MICR Printings Market Challenges

Advancing payment methodologies

The advance payment methodologies such as mobile payments, online bank transactions, E-wallets, UPI transfers and other methods is one of the major challenge faced by the MICR printings market. The use of such methodologies is increasing in the recent days owing to the ease in usage, fast and secured transaction services provided by such payment platforms. The use of E-wallet platforms due to reasons such as accessibility to bank accounts from the tap of a mobile screen, two step security process and easy methods in using these platform is increasing the demand for such advance payment methodologies. This is one of the biggest challenge faced by the MICR printings as it has reduced the usage of cheques.

MICR Printings Industry Outlook

Collaborations, partnerships, facility expansion, production expansion, investments, acquisitions and mergers are some of the key strategies adopted by players in the MICR Printings Market. Major players in the MICR Printings Market are 

Xerox Corporation

Canon Inc.

Epson America Inc.

PT. Murni Solusindo Nusantara 

MagTek Inc.

HP Development Company L.P. 

Rosetta Technologies Inc. 

Konica Minolta Inc. 

Ricoh

PANINI S.P.A.

ACOM Solutions 

Source Technologies 

Recent Developments

On 21 May 2020, Konica Minolta launched AccurioPress 6136P, a MICR Digital Press for Financial Printing. Konica Minolta also partnered with TROY Group to convert the AccurioPress 6136P to a MICR version, combining TROY’s patented MICR Toner Secure with its own proprietary developer bead.

Key Takeaways

Asia-Pacific market held the largest share in the MICR printings market owing to the increase in adoption of character recognition technology and barcode technologies for validating documents in the region.

The increase in use of magnetic coding technology for printing cheques and other bank instruments is driving the MICR printings market.

Amid the Covid-19 pandemic, the MICR printings market witnessed huge losses due to sudden halting of manufacturing and production owing to the various economic and legal restrictions imposed due to the pandemic.

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