Portland, Jan. 13, 2021 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global remote deposit capture market was pegged at $238.15 million in 2019, and is projected to reach $378.08 million by 2027, growing at a CAGR of 6.2% from 2020 to 2027.
Digitalization initiatives among financial organizations and rise in penetration of cloud-based platforms drive the growth of the global remote deposit capture market. However, security & compliance concerns associated with remote deposit capture platforms hamper the market growth. On the contrary, technological advancements such as artificial intelligence are expected to open lucrative opportunities for the market players in the coming years.
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- Increasing awareness regarding social distancing has increased the need for digital banking channels among individuals.
- Due to prolonged lockdown, there is a major slowdown in sales. Thus, banks and other financial institutions have organized innovative products and services to offer effective inputs with respect to digitally deposit cheques at remote locations.
The global remote deposit capture market is segmented on the basis of component, deployment type, enterprise size, and region. Based on component, the market is divided into solution and services. The solution segment held the largest share in 2019, accounting for more than two-thirds of the market. However, the service segment is estimated to register the highest CAGR of 7.5% during the forecast period.
On the basis of deployment type, the market is classified into on-premise and cloud. The on-premise segment held the lion’s share in 2019, contributing to nearly three-fifths of the market. However, the cloud segment is projected to register the highest CAGR of 7.5% during the forecast period.
Based on enterprise size, the market is categorized into small & medium-sized enterprises (SMEs), and large enterprises. The large enterprises segment dominated the market in 2019, accounting for nearly two-thirds of the market. However, the SMEs segment is expected to manifest the highest CAGR of 7.8% from 2020 to 2027.
The global remote deposit capture market is analyzed across various regions such as North America, Asia-Pacific, LAMEA, and Europe. The market across North America held the largest share in 2019, accounting for more than one-third of the market. However, the market across Asia-Pacific is anticipated to register the highest CAGR of 7.5% during the forecast period.
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The global remote deposit capture market report includes an in-depth analysis of the major market players such as Branch Banking & Trust Corporation, Alogent, CSI Inc., Checkalt LLC, EFT NETWORK, Finastra, Deluxe Enterprise Operations, FTNI, Jack Henry & Associates Inc., Fiserv, Mitek Systems, and NCR Corporation.
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