DUBLIN--(BUSINESS WIRE)--The "Remote Deposit Capture Market Analysis, By Component, By Deployment Type, By Organization Size, By Region Forecasts To 2026" report has been added to ResearchAndMarkets.com's offering.
The rising smartphone adoption, especially in the Asia Pacific region, is the major factor attributing to the growth of the Remote Deposit Capture Market.
Global Remote Deposit Capture Market was valued at USD 204.86 Million in 2019 and is projected to grow at a CAGR of 10.94% from 2020 to 2027 to reach USD 532.51 Million.
Factors affecting the growth of the Remote Deposit Capture market are the increasing benefits of merchant RDC as well as the introduction of innovative products and low-cost scanners in the market. Another factor that is proliferating the growth of the market is the rising adoption of smartphones, especially in the Asia Pacific region. This factor is fostering the pace of growth of the market through the forecast period.
Remote Deposit Capture refers to a system that allows users to scan checks and transmit the scanned images to a bank for posting the check and clearing it. Banks are known to offer RDC more readily to business customers than to individuals. RDC is one of the fastest rising trends in banking technology since it allows customers the convenience of depositing currency from any place with a scanner, computer, and internet connectivity. It also makes those deposited funds available fast. For banks, the RDC process by-passes the costly use of paper and allows check processing to be completed more rapidly.
Many distributed capture methods, to the likes of image ATM and branch capture, are becoming stationary in growth, which paves the way for mobile remote deposit capture to capture the supreme position as the must-have feature for banks and financial institutions. More customers will lean towards mobile imaging in banking and deposits, as those functionalities allow users to snap a photo with their mobile device's camera to participate in a loyalty program or automatically populate the information for the credit card.
However, RDC presents some particular security issues. In case of the use of an unencrypted internet connection, the account information of the customer could be sniffed and stolen. Another possibility is double-checking presentment, in which physical checks that have already been scanned and deposited are stolen and re-cashed at a check-cashing store. Thus, the privilege of RDC is often prolonged or denied based on the worthiness of the credit.
Further key findings from the report suggest
- The increasing benefits of merchant RDC, as well as the introduction of innovative products and low-cost scanners, are one of the major factors attributing to the growth of the market.
- Some factors affecting the growth of the software segment is that on-premise software is a large program that needs more demands from the computer's resources.
- Most of the banks are switching from on-premise-based software to cloud-based software for their major advantages.
- Another factor helping the growth of the market is the increasing adoption of smartphones in regions like the Asia Pacific. This rising adoption of smartphones is leading to the increasing adoption of mobile RDC, thus fostering the growth of the market.
- However, the decreasing use of checks and the rising number of digital payments is the factor that can affect the growth of the market over the forecast period.
- The On-Premise segment held a share of more than 80% in 2019 due to the considerable recognition of this mode of deployment. However, with the increasing shift towards cloud-based deployment models, the share for the On-Premise deployment model is projected to slow down over the forecast period.
- Small-sized enterprises were the largest customers of RDC in 2019, and the same is forecast to grow through 2027 on account of the globally rising number of small-sized enterprises.
- Key participants include Branch Banking & Trust Corporation, New York Mellon Corporation, Citibank, Mansfield Bank, Bank of America, Metavante Technologies, Inc., Fiserv, Inc., Orange County Business Bank, Wells Fargo Company, ProfitStars, and WAUSAU Financial Systems.
Key Topics Covered:
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
2.1. Introduction
2.2. Summary Snapshot, 2016 - 2026
Chapter 3. Indicative Metrics
Chapter 4. Global Remote Deposit Capture Market Segmentation & Impact Analysis
4.1. Global Remote Deposit Capture Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market Indicators Analysis
4.2.2. Market Drivers Analysis
4.2.2.1. Increasing benefits of merchant RDC
4.2.2.2. Introduction of innovative products and low cost scanners
4.2.2.3. Evolution of new advanced smartphones
4.2.3. Market Restraints Analysis
4.2.3.1. Decreasing use of checks
4.2.3.2. Lack of optimal solutions
4.2.4. Market Opportunities Analysis
4.3. Regulatory Framework
4.4. Porter's Five Forces Analysis
4.5. PESTEL Analysis of Remote Deposit Capture market
Chapter 5. Global Remote Deposit Capture Market, Component Insights & Trends
5.1. Remote Deposit Capture Component Dynamics & Market Share, 2019 - 2026
5.2. Hardware
5.2.1. Market estimates and forecast, 2016 - 2026 (USD Million)
5.2.2. Market estimates and forecast, by region, 2016 - 2026 (USD Million)
5.3. Software
5.4. Services
5.4.3. Consulting
5.4.4. Maintenance
5.4.5. Others
Chapter 6. Global Remote Deposit Capture Market, Deployment Type Insights & Trends
6.1. Remote Deposit Capture Deployment Type Dynamics & Market Share, 2016 - 2026
6.2. On-Premise
6.2.1. Market estimates and forecast, 2016 - 2026 (USD Million)
6.2.2. Market estimates and forecast, by region, 2016 - 2026 (USD Million)
6.3. Cloud
Chapter 7. Global Remote Deposit Capture Market, Organization Size Insights & Trends
7.1. Remote Deposit Capture Organization Size Dynamics & Market Share, 2016 - 2026
7.2. Small Enterprise
7.2.1. Market estimates and forecast, 2016 - 2026 (USD Million)
7.2.2. Market estimates and forecast, by region, 2016 - 2026 (USD Million)
7.3. Medium Enterprise
7.4. Large Enterprise
Chapter 8. Global Remote Deposit Capture Market Regional Outlook
8.1. Global Remote Deposit Capture Market share by region, 2019 - 2026
Chapter 9. Competitive Landscape
9.1. Overview
9.2. Market Revenue Share by Manufacturers
9.3. Strategic Benchmarking
9.4. Vendor Analysis
Chapter 10. Company Profiles
10.1. Company Overview
10.2. Financial Insights
10.3. Products Offered
10.4. Strategic Initiatives
- New York Mellon Corporation
- Branch Banking & Trust Corporation
- Citibank
- Mansfield Bank
- Bank of America
- Metavante Technologies Inc.
- Fiserv Inc.
- Orange County Business Bank
- Wells Fargo Company
- ProfitStars
- WAUSAU Financial Systems
For more information about this report visit https://www.researchandmarkets.com/r/ngevfa
