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India Cheque Scanner Market (2017-2022)

  • December 2016
  • 80 pages
  • 6Wresearch
Report ID: 2661656

Summary

Table of Contents

India Cheque Scanner Market (2017-2022): Market Forecast By Types (Single Feed and Multi Feed), Applications (Desktop and Kiosks), Regions (North, South, East and Western), Specifications and Competitive Landscape.

To provide adequate banking needs to the customers, India currently has over 1.3 million brick and mortar branches. To reduce the lead time of transactions through cheques, RBI’s has taken initiative to implement Cheque Truncation System. Over the years, the demand for cheque scanners have increased considerably due to adoption of these by various banks in the country. Further, with rise of automated cheque deposition kiosks and digital bank branches promoted under Government supported “Digital India”, India Cheque Scanner Market is poised to continue on the path of steady growth in the near future.

Since the implementation of mandate by the Reserve Bank of India to accept only CTS-2010 compliant cheques for clearing, the Cheque Scanner market in India has witnessed profound growth. In usage by the traditional brick and mortar bank branches as well as by the automated Cheque deposition kiosks, Cheque Scanners forms a key component of the Cheque Truncation System implemented by the RBI to reduce the time period of Cheque Clearing Cycle as well as reduce the circulation of fraudulent cheques in the banking system through multiple stage scanning.

According to 6Wresearch, India Cheque Scanner market is projected to grow at a CAGR of 5.6% during 2017-22. India Cheque Scanner Market is forecast to grow due to manifold increase in demand for single feed cheque scanners which can be incorporated into Cheque Deposition kiosks to scan the deposited cheque and produce receipts. Further, commercial bank branches are also set to rise in the near future with the focus now shifting towards Digital Bank Branches to increase the efficiency and reduce cost of operation.

In Multi Feed Check Scanner category, banks have emerged to be the highest user of these with majority of the scanners being used as Desktop Cheque Scanners to be operated by a bank teller. In Single Feed category, the majority of the scanners were installed in the cheque deposition kiosks.

The report thoroughly covers India Cheque Scanner market by types, applications, specifications and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/ high growth areas, market drivers which would help the stakeholders to decide and align their market strategies according to the current and future market dynamics.

Key highlights of the report:
- Historical data of India Cheque Scanner Market for the Period 2014-2022
- Market Size & Forecast of India Cheque Scanner Market until 2022
- Historical data of India Single Feed Cheque Scanner Market for the Period 2014-2022
- Market Size & Forecast of India Single Feed Cheque Scanner Market until 2022
- Historical data of India Multi Feed Cheque Scanner Market for the Period 2014-2022
- Market Size & Forecast of India Multi Feed Cheque Scanner Market until 2022
- Historical data of India Cheque Scanner Market By Kiosk Application for the Period 2014-2022
- Market Size & Forecast of India Cheque Scanner Market Kiosk Application until 2022
- Historical data of India Cheque Scanner Market By Desktop Application for the Period 2014-2022
- Market Size & Forecast of India Cheque Scanner Market By Desktop Application until 2022
- Market Revenue Share, By Specification (2014 & 2015)
- Historical data of India Cheque Scanner Market for the Period 2014-2022
- Market Size & Forecast of India Cheque Scanner Market until 2022
- Market Drivers and Restraints
- Market Trends

Markets Covered
The report provides the detailed analysis of the following market segments:

By Types:
- Single Feed
- Multi Feed

By Applications:
- Desktop
- Kiosk

By Regions:
- Eastern
- Western
- Northern
- Southern

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