Dublin, July 31, 2023 (GLOBE NEWSWIRE) -- The "Magnetic Ink Character Recognition (MICR) Devices Report" report has been added to ResearchAndMarkets.com's offering.
The report provides valuable insights into the global market for Magnetic Ink Character Recognition (MICR) Devices and predicts a significant growth trajectory for the industry.
According to the report, the global market for MICR devices is estimated to reach $658.5 million by the year 2030, with a compound annual growth rate (CAGR) of 2% during the analysis period of 2022 to 2030. The Recognition Technology segment, one of the segments analyzed in the report, is projected to achieve a CAGR of 2.2% and reach $470.3 million by the end of the analysis period. Additionally, the MICR Printing segment is expected to grow at a revised CAGR of 1.5% for the next eight years, considering the ongoing post-pandemic recovery.
The United States is a significant market for MICR devices, with an estimated value of $153.2 million in 2022. China, the world's second-largest economy, is forecasted to experience substantial growth in the MICR devices market, reaching $122.5 million by 2030, with a CAGR of 3.1% during the analysis period. Other noteworthy geographic markets mentioned in the report include Japan, Canada, and Germany, each projected to grow at varying CAGRs.
The report highlights several key competitors in the MICR devices market, including Canon, Inc., Epson America, Inc., Hewlett-Packard Development Company LP, MagTek Inc., PT Murni Solusindo Nusantara, Rosetta Technologies, Inc., Source Technologies, TROY Group, Inc., Uniform Industrial Corporation, and Xerox Corporation.
The report offers special coverage on various factors that are shaping the global economy and market landscape in 2023. These include the Russia-Ukraine war, global inflation, the easing of China's zero-COVID policy, supply chain disruptions, global trade tensions, and the risk of recession. The report also provides insights into global competitiveness and key competitor market shares, market presence across multiple geographies, online interactive peer-to-peer collaborative updates, access to digital archives and the publisher's Research Platform, and complimentary updates for one year.
The global economy is currently facing numerous interconnected challenges and crises. Uncertainty surrounding the Russia-Ukraine conflict and its global implications, coupled with ongoing inflation concerns, poses significant economic hurdles. Retail inflation, in particular, may impact consumer confidence and spending. As governments respond to inflation by raising interest rates, job creation may slow down, leading to reduced economic activity and growth. In addition, lower capital expenditure and manufacturing disruptions due to supply chain issues and potential COVID outbreaks in China further complicate the economic landscape. Volatile financial markets, trade tensions, stricter regulations, and the need to incorporate climate change considerations into economic decisions add to the complexity. While 2023 is expected to be a challenging year for markets, businesses and leaders who demonstrate resilience and adaptability can seize opportunities amidst the turbulence.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 294 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $563.2 Million |
| Forecasted Market Value (USD) by 2030 | $658.5 Million |
| Compound Annual Growth Rate | 2.0% |
| Regions Covered | Global |
Select Company Profiles Include:
- Canon, Inc.
- Epson America, Inc.
- Hewlett-Packard Development Company LP
- MagTek Inc.
- PT Murni Solusindo Nusantara
- Rosetta Technologies, Inc.
- Source Technologies
- TROY Group, Inc.
- Uniform Industrial Corporation
- Xerox Corporation
For more information about this report visit https://www.researchandmarkets.com/r/loyerl
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