Global Remote Deposit Capture Market to Reach US$ 559.1 Million by 2032, Bolstered by Widespread Product Adoption Across BFSI Sector

August 23, 2022 | BFSI

According to the latest report by IMARC Group, titled “Remote Deposit Capture Market Report by Component (Solution, Service), Deployment (On-premises, Cloud-based), Enterprises (Small and Medium-sized Enterprises (SMEs), Large Enterprises), and Region 2024-2032," the global remote deposit capture market reached a value of US$ 315.3 Million in 2023. Remote deposit capture (RDC) refers to a technology-based solution offered by banks to enable account holders and clients to scan and transmit scanned check images remotely through a cellular network. It allows financial institutions to provide funds to customers by mitigating burdens associated with the complicated procedure of receiving and depositing funds. RDC involves scanning, verifying client detail and image, and sharing deposits as standard steps. These procedures are executed via an internet connection, banking services, and various consumer electronics, such as tablets, smartphones, and computers. RDC aids in consolidating banking relationships, enhancing cash flow from management operations, accelerating deposit clearings, preventing transportation costs, and improving overall workflow. On account of these advantages, RDC is used by small and medium-sized enterprises (SMEs), credit unions, and non-profit organizations (NGOs).

Global Remote Deposit Capture Market Trends:

The widespread adoption of RDC across the banking, financial, service, and insurance (BFSI) sector represents one of the key factors driving the market growth. This is further influenced by the increasing utilization of mobile banking solutions and the rapid digitalization of check depositing procedures to improve core processing capabilities by eliminating the need to visit banks physically. In line with this, RDC is widely used by consumers due to its hassle-free services, instant notifications regarding deposits, and high speed, which is acting as another growth-inducing factor. Additionally, the escalating security concerns amongst users have prompted manufacturers to integrate Software as a Service (SaaS), the Internet of Things (IoT), artificial intelligence (AI), and data analytics. These technologies ensure the credibility of credentials, offer secured transactions and instant customer support, and predict potential threats by assessing and managing risks, which, in turn, is contributing to the market growth. Moreover, the extensive utilization of RDC, especially during the COVID-19 pandemic, owing to the consequent implementation of nationwide lockdowns, is supporting the market growth. Other factors, such as favorable initiatives by governments to achieve digitalization and strategic collaborations amongst key players to enhance product efficacy, are positively stimulating the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 559.1 Million by 2032, growing at a CAGR of 6.37% during 2024-2032.

Market Summary:

  • On the basis of the component, the market has been bifurcated into solution and service.
  • Based on the deployment, the market has been divided into on-premises and cloud-based.
  • On the basis of the enterprise, the market has been segmented into small and medium-sized enterprises (SMEs), and large enterprises
  • On a regional basis, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
  • The competitive landscape of the industry has also been examined, with some of the key players being 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Segment Coverage Component, Deployment, Enterprises, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
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Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Remote Deposit Capture Market to Reach US$ 559.1 Million by 2032, Bolstered by Widespread Product Adoption Across BFSI Sector
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