COVID-19 Pandemic Promotes Deposition of Checks through Electronic Imaging in Banks, Financial Institutions; Global Remote Deposit Capture Market to Register CAGR of 10.7% during Forecast Period, TMR Insights

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Transparency Market Research

11 Aug, 2021, 13:33 GMT

- Growing need for real-time detection of fraudulent deposits due to rising cybercrimes around the world will offer profitable growth prospects to the remote deposit capture market

- Rising influence of remote deposit capture systems in applications such as ATM imaging to provide tremendous growth opportunities to the global market players during the forecast period

ALBANY, N.Y., Aug. 11, 2021 /PRNewswire/ -- Remote Deposit Capture Market: Growth Summary

The increasing reliance on latest technologies to ease the banking process and the aim of several banks to provide maximum convenience to their customers are some important factors that will have a positive impact on the remote deposit capture market during the forecast period of 2021-2031.

Transparency Market Research (TMR) has conducted a comprehensive analysis on various aspects related to the growth of the remote deposit capture market. TMR experts, after a thorough analysis on the growth factors, expect the global market for remote deposit capture to expand at a CAGR of 10.7% during the forecast period. The remote deposit capture market is anticipated to reach the valuation of US$ 1 Bn by 2031.

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With a large number of financial institutions switching to online channels due to their convenience and hassle-free attributes, technologies such as remote deposit capture are gaining considerable traction. In addition, the expanding transaction volumes are compelling many financial institutions to adopt modern systems for providing a satisfactory banking experience to customers. These factors will influence the growth of the remote deposit capture market. The players in the remote deposit capture market are concentrating on research and development activities to upgrade their systems, and make them more accessible and easy for both bankers and customers.

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Key Findings of Report

IoT Integration to Play Vital Role in Structuring Growth of Remote Deposit Capture Market

The popularity of the Internet of Things (IoT) has increased significantly over the years. Many sectors have used IoT to increase their efficiency levels in different processes. In addition, digitalization is growing at a rapid pace across numerous sectors, including the financial sector. The use of integrated technologies such as IoT in different payment applications will assist in the development of payment technologies. This aspect will influence the growth of the remote deposit capture market exponentially.

Adoption of Data Analysis Techniques to Boost Growth Prospects

For improving their credibility, remote deposit capture market players are adopting data analysis techniques. They help in reducing risks through real-time fraud detection capabilities, serving as an added advantage to the users. Hence, these techniques help financial institutions extensively, thus contributing to the growth of the remote deposit capture market.

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Remote Deposit Capture Market: COVID-19 Impact

The advent of the COVID-19 pandemic has resulted in the transformation of the banking sector in terms of technology. With strict lockdown restrictions imposed by numerous countries, banks were closed for customers for a brief time. This aspect led to the adoption of latest technologies such as remote deposit capture systems. The banking sector was already experiencing a technology wave, which was intensified by the emergence of the COVID-19 pandemic. This factor is expected to drive the global market.

Some of the well-established players operating in the remote deposit capture market are Financial Transmission Network, Inc., Alogent (Goldleaf Financial Solutions, Inc.), EFT Network, Harland Clarke Corporation, Jack Henry & Associates, Inc. and e-Zest Solutions.

Global Remote Deposit Capture Market: Segmentation

Remote Deposit Capture Market, by Component

  • Software/Platform
  • Services
    • Consultation & Integration
    • Support & Maintenance

Remote Deposit Capture Market, by Deployment

  • Cloud
  • On-premise

Remote Deposit Capture Market, by End User

  • Banks
  • Credit Unions
  • Government & Non-profit Organizations
  • Enterprises
    • Small & Medium Enterprises
    • Large Enterprises

Remote Deposit Capture Market, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • U.K.
    • France
    • Spain
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa (MEA)
    • United Arab Emirates
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa (MEA)
  • South America
    • Brazil
    • Argentina
    • Rest of South America

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