Market Size – USD 184.66 Million in 2018, Market Growth – CAGR of 10.94%, Market Trends – Rising smartphone adoption as well as increasing switch towards cloud based software is the major trend being observed in the market.
According to the current analysis of Reports and Data, the global Remote Deposit Capture Market was valued at USD 184.66 Million in 2018 and is projected to grow at a CAGR of 10.94% from 2019 to 2026. 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 forecasted period.
Remote Deposit Capture refers to a system that allows a used to scan checks and transmit the scanned images to a bank for posting of the check and clearing it. Banks typically offer RDC to business customers rather than to individuals. RDC is one of the fastest rising trends in the 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 enough. 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 snap a photo of a credit card to automatically populate the information.
However, RDC presents some particular security issues. In case of use of an unencrypted internet connection, the account information of the customer could be sniffed and stolen. Another possibility is double-check 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.
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Key Participants Include :
For the purpose of this study, Reports and Data have segmented the Remote Deposit Capture Market on the basis of Component, Deployment Type, and Organization Size and Region:
Segments covered in the report:
Component (Revenue, USD Million; 2016–2026)
Deployment type (Revenue, USD Million; 2016–2026)
Organization Size (Revenue, USD Million; 2016–2026)
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Regional Outlook (Revenue in USD Million; 2016–2026)
Further key findings from the report suggest
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