HP Launched OfficeJet Pro Series Printers
2019-03-18 11:36 Monday
HP recently launched its OfficeJet Pro line of smart printers aimed at helping small businesses benefit from digital printers. The new printer has self-healing wi-fi and strong security. Printers are 39% smaller than their predecessors to suit the needs of small businesses.
The OfficeJet Pro line (9015, 9025 and Premier) will be available this month at major e-retailers and on HP's website. Meanwhile, the HP OfficeJet Pro series (8025,8035) will be available from June.
HP's Efforts in Printing
HP has long focused on profitable print businesses. The acquisition of Samsung Electronics' S-Print is a strategic move to further boost business.
HP also increased its investment in A3 Multifunction Printers (MFPs). These printers are designed to overcome the limitations of the traditional A3 MFPs. We believe that the successful deployment of the new A3 MFPs printer will increase our revenue.
In addition, HP expects the acquisition of Apogee Corporation, the Europe's largest independent printing and document service provider, to drive growth in the contract office printing market.
Notably, the global digital printing market is projected to reach $28.9 billion by 2023, with a compound annual growth rate of 4.48% from 2017 to 2023. Growing demand for sustainable printing, the development of packaging and textiles, and lower unit costs for digital printers are likely to drive this market. The forecast bodes well for HP.
The challenge of Printing
While the company continues to make efforts to boost profits at its printing operations, rising macro uncertainty and customer sensitivity to prices are undermining it. The change in customer buying behavior negatively impacted HP's share of supply in the last quarter as more business customers bought online.
HP executives further emphasized that all customers buy supplies online and that the company has a low market share in this area compared to traditional commercial distributors and in-store retailers.
In addition, the company predicts print sales to decline for the rest of the year due to high inventory and pricing issues.