The global cheque scanner market was valued at US$ 721.52 million in 2020 and is projected to reach US$ 1,079.55 million by 2028; it is expected to grow at a CAGR of 5.3% from 2021 to 2028.

The cheque scanner market is anticipated to witness a continuous growth in the future. At present scenario, irrespective of availability of different online platforms for sending/receiving money, large proportion of enterprise depends on cheques. This aspect is creating need for cheque scanner to quickly and efficiently clear lumpsum cheques without any human error. The cheque scanner is heavily used by financial institutions, banks, and credit unions to enhance productivity and boost revenue in an automated manner.

The demand for cheque scanner is surging due to rising need to enhance operational efficiency in banks. Cheques are still considered as a primary way for sending/receiving money in various enterprises. Therefore, banks & accounting firms are installing cheque scanners at their branches to effectively manage cheques clearance. In addition, stringent rules from regulatory authorities are evolving the banking system globally, which is contributing to the market growth. Governments of countries such as the US, the UK, India, and Brazil are setting rules for making cheque process easy. Also, with ongoing wave of digital transformation of banking sector, the scope of using remote deposit capture will continue to rise in the forthcoming period. In addition, the emergence of mobile deposit services and innovative cheque scanners for standalone kiosks or virtual desktop environment would propel the adoption of cheque scanner in coming years.

U.S. Bank (US), KeyCorp (US), Savings Bank of Mendocino County (US), the Cottonport Bank (US), State Bank of India (India), ICICI Bank (India), NatWest Group (UK), Banco Bradesco (Brazil), and Banese (Brazil) are among the prominent banks across the world using cheque scanner for the effective management of cheque clearance process. For instance, the Cottonport Bank has deployed cheque scanner with an aim to reduce the overall delivery lead time.

Overall size of the cheque scanner market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the cheque scanner market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultant such as valuation experts, research analysts, and key opinion leaders, specializing in the cheque scanner market. PANINI S.p.A., Epson Corp, Canon Inc., Digital Check, ARCA, MagTek, NCR Corporation, Eastman Kodak Company, RDM Corporation, and Lagona are among the key market players profiled during this market study.