Canon planning to enter commercial digital printer market

World’s largest maker of digital cameras Canon has said that they are now planning to enter the growing commercial digital printer market by the end of this year.

The aim is to capture a 20 percent share of the $9 billion global market in five years.

Canon would be coming out with their first commercial digital printer by the end of 2006 and are targeting to generate revenues of 100 billion yen ($881 million) in the next 2-3 years.

The company is facing increasing competition from Sony Corp. and Matsushita Electric Industrial Co. in the digital camera market and they need to expand their product base to keep the consumer hooked on to their products.

Canon would have competition in the form of Xerox and Kodak in the commercial digital printer market.