• About us
  • Contact Us
  • Submit a Press Release
Friday, September 29, 2023
South-Africana
No Result
View All Result
Submit a Press Release
  • Gambia

    BsAC Budget Officer testifies, says loan applications do not pass through his office – Voice Gambia Newspaper

    Gunjur nawetan: Tech World, Nyofelleh Utd demoted – The Point – The Point

    Stakeholders Validate Gambia National Formalization Strategy Document – Voice Gambia Newspaper

    PM Hasina off to NY to attend 78th UNGA session – Finance News: Latest Financial News, Finance News today in Bangladesh

  • Ghana

    Ghana’s gross reserves stood at 1.0 month of import cover in August … – Myjoyonline

    International Monetary Fund team to arrive in Ghana – Foreign Brief

    Africa's Business Heroes announces the top 10 finalists for 2023 – Tech in Africa

    NPP lost 2024 elections in 2022 – Kennedy Agyapong – Pulse Ghana

  • Niger

    Oil Resumes Rally as Hedge Funds Join Increasingly Bullish Bets – Yahoo Finance

    Disinformation Around Niger's Coup Falls in the Crosswinds of … – Inkstick

    Frankreich zieht Botschafter und Soldaten aus Niger ab – Politics … – Fundscene

    Poorest Countries in the World 2023 [Updated September] – Global Finance

  • Nigeria

    Home and Abroad, Tinubu’s Nigeria is Taking Its Rightful Place – THISDAY Newspapers

    Kogi guber election'll be violence free –Bello – The Sun Nigeria – The Sun Nigeria

    LexiGenius: A new AI writing tool for Nigeria – BellaNaija

    UNWTO: Nigeria, Others Spend on Tourism Will Hit $261.77bn by … – THISDAY Newspapers

  • More Countries
    • Benin
    • Burkina Faso
    • Cape Verde
    • Gambia
    • Ghana
    • Guinea
    • Guinea-Bissau
    • Ivory Coast
    • Liberia
    • Mali
    • Mauritania
    • Niger
    • Nigeria
    • Senegal
    • Sierra Leone
    • Togo
  • AFRICA
    TCL تنال لقب “شركة الالكترونيات للعام” ضمن جوائز ستيفي  العالمية للأعمال 2023

    TCL Dubai Crowned Electronics Company of the Year at 2023 International Business Awards

    TCL تنال لقب “شركة الالكترونيات للعام” ضمن جوائز ستيفي  العالمية للأعمال 2023

    TCL تنال لقب “شركة الالكترونيات للعام” ضمن جوائز ستيفي العالمية للأعمال 2023

    TCL Launches its New C645 QLED TVs For Exceptional Colour Performance and Endless Entertainment

    TCL Launches its New C645 QLED TVs For Exceptional Colour Performance and Endless Entertainment

    TCL Launches its New C645 QLED TVs For Exceptional Colour Performance and Endless Entertainment

    TCL تطلق أجهزة تلفاز C645 QLED الجديدة لأداء لوني استثنائي وترفيه لا متناهي

  • Press releases
    Arab Newswire, a Press release Distribution Service to Middle East and North Africa, Adds GCC Weekly to its Media List

    Arab Newswire, a Press release Distribution Service to Middle East and North Africa, Adds GCC Weekly to its Media List

    Air Freight Market is expected to Reach USD 440.16 Billion by 2029 at a CAGR of 5.8 percent

    Air Freight Market is expected to Reach USD 440.16 Billion by 2029 at a CAGR of 5.8 percent

    Blue Cheese Market is expected to Hit USD 12.4 Billion by 2029 at a CAGR of 3.6 percent

    Blue Cheese Market is expected to Hit USD 12.4 Billion by 2029 at a CAGR of 3.6 percent

    Car Crusher Machine Market to Reach USD 3.47 Billion by 2029 at a CAGR of 5.4 percent

    Car Crusher Machine Market to Reach USD 3.47 Billion by 2029 at a CAGR of 5.4 percent

    Meal Kits Market to Reach USD 47.27 Billion by the end of the forecast period at a CAGR of 14.7 percent

    Meal Kits Market to Reach USD 47.27 Billion by the end of the forecast period at a CAGR of 14.7 percent

    Freshwater Fish Market to Reach USD 271.57 Billion by the end of the forecast period at a CAGR of 2.3 percent

    Freshwater Fish Market to Reach USD 271.57 Billion by the end of the forecast period at a CAGR of 2.3 percent

    Trending Tags

    • Gambia

      BsAC Budget Officer testifies, says loan applications do not pass through his office – Voice Gambia Newspaper

      Gunjur nawetan: Tech World, Nyofelleh Utd demoted – The Point – The Point

      Stakeholders Validate Gambia National Formalization Strategy Document – Voice Gambia Newspaper

      PM Hasina off to NY to attend 78th UNGA session – Finance News: Latest Financial News, Finance News today in Bangladesh

    • Ghana

      Ghana’s gross reserves stood at 1.0 month of import cover in August … – Myjoyonline

      International Monetary Fund team to arrive in Ghana – Foreign Brief

      Africa's Business Heroes announces the top 10 finalists for 2023 – Tech in Africa

      NPP lost 2024 elections in 2022 – Kennedy Agyapong – Pulse Ghana

    • Niger

      Oil Resumes Rally as Hedge Funds Join Increasingly Bullish Bets – Yahoo Finance

      Disinformation Around Niger's Coup Falls in the Crosswinds of … – Inkstick

      Frankreich zieht Botschafter und Soldaten aus Niger ab – Politics … – Fundscene

      Poorest Countries in the World 2023 [Updated September] – Global Finance

    • Nigeria

      Home and Abroad, Tinubu’s Nigeria is Taking Its Rightful Place – THISDAY Newspapers

      Kogi guber election'll be violence free –Bello – The Sun Nigeria – The Sun Nigeria

      LexiGenius: A new AI writing tool for Nigeria – BellaNaija

      UNWTO: Nigeria, Others Spend on Tourism Will Hit $261.77bn by … – THISDAY Newspapers

    • More Countries
      • Benin
      • Burkina Faso
      • Cape Verde
      • Gambia
      • Ghana
      • Guinea
      • Guinea-Bissau
      • Ivory Coast
      • Liberia
      • Mali
      • Mauritania
      • Niger
      • Nigeria
      • Senegal
      • Sierra Leone
      • Togo
    • AFRICA
      TCL تنال لقب “شركة الالكترونيات للعام” ضمن جوائز ستيفي  العالمية للأعمال 2023

      TCL Dubai Crowned Electronics Company of the Year at 2023 International Business Awards

      TCL تنال لقب “شركة الالكترونيات للعام” ضمن جوائز ستيفي  العالمية للأعمال 2023

      TCL تنال لقب “شركة الالكترونيات للعام” ضمن جوائز ستيفي العالمية للأعمال 2023

      TCL Launches its New C645 QLED TVs For Exceptional Colour Performance and Endless Entertainment

      TCL Launches its New C645 QLED TVs For Exceptional Colour Performance and Endless Entertainment

      TCL Launches its New C645 QLED TVs For Exceptional Colour Performance and Endless Entertainment

      TCL تطلق أجهزة تلفاز C645 QLED الجديدة لأداء لوني استثنائي وترفيه لا متناهي

    • Press releases
      Arab Newswire, a Press release Distribution Service to Middle East and North Africa, Adds GCC Weekly to its Media List

      Arab Newswire, a Press release Distribution Service to Middle East and North Africa, Adds GCC Weekly to its Media List

      Air Freight Market is expected to Reach USD 440.16 Billion by 2029 at a CAGR of 5.8 percent

      Air Freight Market is expected to Reach USD 440.16 Billion by 2029 at a CAGR of 5.8 percent

      Blue Cheese Market is expected to Hit USD 12.4 Billion by 2029 at a CAGR of 3.6 percent

      Blue Cheese Market is expected to Hit USD 12.4 Billion by 2029 at a CAGR of 3.6 percent

      Car Crusher Machine Market to Reach USD 3.47 Billion by 2029 at a CAGR of 5.4 percent

      Car Crusher Machine Market to Reach USD 3.47 Billion by 2029 at a CAGR of 5.4 percent

      Meal Kits Market to Reach USD 47.27 Billion by the end of the forecast period at a CAGR of 14.7 percent

      Meal Kits Market to Reach USD 47.27 Billion by the end of the forecast period at a CAGR of 14.7 percent

      Freshwater Fish Market to Reach USD 271.57 Billion by the end of the forecast period at a CAGR of 2.3 percent

      Freshwater Fish Market to Reach USD 271.57 Billion by the end of the forecast period at a CAGR of 2.3 percent

      Trending Tags

      Submit a Press Release
      No Result
      View All Result
      West-africana
      Submit PR
      Home Press Releases

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

      admin by admin
      April 13, 2022
      in Press Releases
      MICR  Printings Market Size Expected to Be Valued at $182.24 Million by 2027
      Share on FacebookShare on Twitter


       


      MICR Printings Market

      (EMAILWIRE.COM, April 13, 2022 ) 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.

      Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=19580
      Report Price: $ 4500 (Single User License)

      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.

      Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=19580

      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.

      Relevant Reports

      A. High Performance Pigments Market
      https://www.industryarc.com/Report/11658/high-performance-pigments-market.html

      B. Printing Inks Market
      https://www.industryarc.com/Report/15996/printing-inks-market.html

      For more Chemicals and Materials Market reports, please click here

      About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.



      Source link

      Previous Post

      Healthcare Clinical Analytics Market is reaching US$ 28,000 Mn with CAGR of 14% during 2022-2025

      Next Post

      UNESCO, African ICT Foundation Set to Host West-Africa Internet Governance Forum 2022 – TechEconomy.ng

      Related Posts

      Arab Newswire, a Press release Distribution Service to Middle East and North Africa, Adds GCC Weekly to its Media List
      Press Releases

      Arab Newswire, a Press release Distribution Service to Middle East and North Africa, Adds GCC Weekly to its Media List

      September 25, 2023
      Air Freight Market is expected to Reach USD 440.16 Billion by 2029 at a CAGR of 5.8 percent
      Press Releases

      Air Freight Market is expected to Reach USD 440.16 Billion by 2029 at a CAGR of 5.8 percent

      September 24, 2023
      Blue Cheese Market is expected to Hit USD 12.4 Billion by 2029 at a CAGR of 3.6 percent
      Press Releases

      Blue Cheese Market is expected to Hit USD 12.4 Billion by 2029 at a CAGR of 3.6 percent

      September 24, 2023
      Car Crusher Machine Market to Reach USD 3.47 Billion by 2029 at a CAGR of 5.4 percent
      Press Releases

      Car Crusher Machine Market to Reach USD 3.47 Billion by 2029 at a CAGR of 5.4 percent

      September 24, 2023
      Meal Kits Market to Reach USD 47.27 Billion by the end of the forecast period at a CAGR of 14.7 percent
      Press Releases

      Meal Kits Market to Reach USD 47.27 Billion by the end of the forecast period at a CAGR of 14.7 percent

      September 23, 2023
      Freshwater Fish Market to Reach USD 271.57 Billion by the end of the forecast period at a CAGR of 2.3 percent
      Press Releases

      Freshwater Fish Market to Reach USD 271.57 Billion by the end of the forecast period at a CAGR of 2.3 percent

      September 23, 2023

      Discussion about this post

      LATEST NEWS

      Arab Newswire, a Press release Distribution Service to Middle East and North Africa, Adds GCC Weekly to its Media List

      Arab Newswire, a Press release Distribution Service to Middle East and North Africa, Adds GCC Weekly to its Media List

      September 25, 2023

      BsAC Budget Officer testifies, says loan applications do not pass through his office – Voice Gambia Newspaper

      September 25, 2023

      Gunjur nawetan: Tech World, Nyofelleh Utd demoted – The Point – The Point

      September 25, 2023

      Stakeholders Validate Gambia National Formalization Strategy Document – Voice Gambia Newspaper

      September 25, 2023

      About

      West Africana™ reports and aggregates business, socio-economic, Tech and industrial news on Western African countries.

      We provide press release distribution to media outlets in Africa including Gambia, Ghana, Niger, Nigeria and  Africa. To submit a press release today, contact us.

      Categories

      GAMBIA

      GHANA

      NIGER

      NIGERIA

      AFRICA

      PRESS RELEASES

      MORE COUNTRIES

      Recent Post

      Recent Posts
      • Arab Newswire, a Press release Distribution Service to Middle East and North Africa, Adds GCC Weekly to its Media List
      • BsAC Budget Officer testifies, says loan applications do not pass through his office – Voice Gambia Newspaper
      • Gunjur nawetan: Tech World, Nyofelleh Utd demoted – The Point – The Point
      • Stakeholders Validate Gambia National Formalization Strategy Document – Voice Gambia Newspaper

      Subscribe to Our Newsletter

        Share Us

        Share Us

        • +1 832 716 2363
        • +12816454086
        • Email: Email Us
        • Skype: groupwebmedia

        West Africana™ is part of GroupWeb Media Network. © 2023 GroupWeb Media LLC

        No Result
        View All Result
        • Gambia
        • Ghana
        • Niger
        • Nigeria
        • More Countries
          • Benin
          • Burkina Faso
          • Cape Verde
          • Gambia
          • Ghana
          • Guinea
          • Guinea-Bissau
          • Ivory Coast
          • Liberia
          • Mali
          • Mauritania
          • Niger
          • Nigeria
          • Senegal
          • Sierra Leone
          • Togo
        • AFRICA
        • Press Releases
        • About us
          • Submit Press Release
          • Contact Us

        West Africana™ is part of GroupWeb Media Network. © 2023 GroupWeb Media LLC