Numerous reforms in the Financial sector coupled with deregulation of the Banking sector has resulted in the major restructuring of the Financial Services industry in India. Over the last two decades, revolution in the Information Technology sector have created tremendous opportunities in the India Banking sector.
According to 6Wresearch, India Cheque Scanner market shipments value reached $1.4 million for CY 3Q 2014. Digital Check dominated the market followed by CTS and Panini.
Source: 6Wresearch India Cheque Scanner Market, Quarterly Tracker
- As many as 7 vendors shipped Cheque Scanner devices in India
- Digital Check and CTS together captured around 64% market share
- In the Image Capturing segment, 106 MM height registered more than 61% share of the market
According to Anuj Mehrotra (Research Analyst, 6Wresearch-India Electronics Division),” The India Cheque Scanner market presents substantial growth prospects as there is an absence of domestic manufacturing in the Indian market”.
Rising awareness for Cheque Scanners in the India Banking industry is expected to have a positive impact in the growth of Cheque Scanner market in India. Moreover, implementation of financial inclusion will further fuel the demand for Cheque Scanners in the Indian market”, he added.
In the India Cheque Scanner market, 100 DPM (Documents per Minute) captured major share in the speed category of Cheque scanners. Additionally, Cheque scanners having 300 DPI resolution registered more than 95% share of the market. To cater to this growing demand of the industry, the OEM’s are continuously innovating and expanding their product portfolio.