The latest research study by IMARC Group, finds that the global remote deposit capture market reached a value of US$ 270.1 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 431.0 Million by 2027 exhibiting a CAGR of 7.70% during 2022-2027.
Industry Definition and Application:
Remote deposit capture (RDC) represents the service provided by banks to manage the check depositing process remotely. It includes scanning the checks, sharing the deposits with financial institutions, verifying the details and images, etc. In addition to this, RDC allows the customers to monitor statements and transmit scanned images via an encrypted internet connection. It also assists in improving the cash flow, removing the need to visit the bank, enhancing business operations, 24/7 availability, minimizing risks, etc. As a result, remote deposit capture is widely utilized by small, medium, and large enterprises across the globe.
Global Remote Deposit Capture Market Trends and Drivers:
The growing utilization of smartphones is one of the primary factors driving the remote deposit capture market. Besides this, the increasing digitization levels across the banking industry are enhancing the core processing capabilities by enabling customers to remotely deposit gift checks, paychecks, refund checks, etc., which is further augmenting the market growth. Moreover, the inflating adoption of RDC to provide instant notifications for deposited funds and various other benefits, such as high-speed, convenience, hassle-free services, etc., is acting as another significant growth-inducing factor. Apart from this, the escalating demand for data analytics processes to enable real-time detection and reduce the risk of frauds is also propelling the global market. Furthermore, the introduction of numerous technological advancements, including artificial intelligence (AI) and the Internet of Things (IoT), to make secure payments, improve efficiency, provide prompt customer assistance, etc., is projected to bolster the remote deposit capture market in the coming years.
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|Remote Deposit Capture Market Report Scope|
|Market size value in 2021||US$ 270.1 Million|
|Market forecast in 2027||US$ 431.0 Million|
|Growth Rate||CAGR of 7.70% from 2022 to 2027|
|Base year for estimation||2021|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Component, Deployment, Enterprises and Region|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Key companies profiled||Alogent, Checkalt LLC, Digital Check Corp., EFT Network, FIS, Fiserv Inc., Jack Henry & Associates Inc., Jaguar Software, Mitek Systems Inc., NCR Corporation, Northern Trust Corporation and ProgressSoft Corporation.|
|Market Dynamics||Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,|
|Customization preview||If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.|
Breakup by Component:
Breakup by Deployment:
Breakup by Enterprises:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
List of Major Key Players:
The major players in the market are Alogent, Checkalt LLC, Digital Check Corp., EFT Network, FIS, Fiserv Inc., Jack Henry & Associates Inc., Jaguar Software, Mitek Systems Inc., NCR Corporation, Northern Trust Corporation and ProgressSoft Corporation.
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