According to the latest report by IMARC Group, “Global Remote Deposit Capture Market Analysis: Size, Share, Growth, Industry Trends, Opportunity and Forecast 2022-2027“, the global remote deposit capture market reached a value of US$ 270.1 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 431.0 Million by 2027 exhibiting a CAGR of 7.70% during 2022-2027.
Remote deposit capture (RDC) represents the service provided by banks to manage the check depositing process remotely. It includes scanning the checks, sharing the deposits with financial institutions, verifying the details and images, etc. In addition to this, RDC allows the customers to monitor statements and transmit scanned images via an encrypted internet connection. It also assists in improving the cash flow, removing the need to visit the bank, enhancing business operations, 24/7 availability, minimizing risks, etc. As a result, remote deposit capture is widely utilized by small, medium, and large enterprises across the globe.
| Report Metric |
| Historical: 2016-2021 |
| Base Year: 2021 |
| Forecast Year: 2022-2027 |
The growing utilization of smartphones is one of the primary factors driving the remote deposit capture market. Besides this, the increasing digitization levels across the banking industry are enhancing the core processing capabilities by enabling customers to remotely deposit gift checks, paychecks, refund checks, etc., which is further augmenting the market growth.
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Moreover, the inflating adoption of RDC to provide instant notifications for deposited funds and various other benefits, such as high-speed, convenience, hassle-free services, etc., is acting as another significant growth-inducing factor. Apart from this, the escalating demand for data analytics processes to enable real-time detection and reduce the risk of frauds is also propelling the global market.
Furthermore, the introduction of numerous technological advancements, including artificial intelligence (AI) and the Internet of Things (IoT), to make secure payments, improve efficiency, provide prompt customer assistance, etc., is projected to bolster the remote deposit capture market in the coming years.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
The report has segmented the market on the basis of region, component, deployment and enterprises.
Breakup by Component:
Breakup by Deployment:
Breakup by Enterprises:
Breakup by Region:
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