Mumbai: Digital imaging firm Canon today said it is eyeing 175 crore revenue from printer business on the back of strong demand for inkjet printers.

Though the overall printer market is almost flat, Canon bucking trend and is confident of 25 percent growth in revenues from inkjet printer segment.

"We expect inkjet printers to contribute about 9 percent of our total revenue. This would be about 175 crore this year. We are seeing 25 percent growth in sales, though for the industry the growth is flat at just about 4 percent," Canon India vice-president Alok Bharadwaj said here.

He further said Canon expects contribution from inkjet printers to grow to 12 per cent in the next two years.

Canon today launched five printers, three of which are cloud-enabled. This will help users print documents using devices like tablets, cameras and smartphones from anywhere using the Internet.

"Though there are other products offering similar features, these three printers are simple and convenient and users will find it much easier to print the pictures and documents they want," Bharadwaj said.

He added printing patterns are changing as more people print documents like tickets and project work at home. Canon claims to have 29 percent share of the inkjet market.

It estimates the inkjet market to be around Rs 1,400 crore or 12 lakh units in sales.

The combined serial inkjet and page printer, copier and multifunction product (MFP) market totaled 6.81 lakh units in the second quarter of 2013, a 4.7 percent decline y-o-y, according to research firm Gartner.

Total end-user spending in the second quarter totaled $235.4 million, a 13 percent decline from the same period last year.

HP remains the market leader in the domestic printer, copier and MFP market with 52 percent market share, followed by Canon with 24 percent, Epson at 9 percent and Samsung at 8 percent in the second quarter of 2013.

Read Also: HCL Technologies To Serve U.S. Energy Firm Consumers Energy and India 29th Among The Best Places To Open Up Data Center