Japanese tech giant Canon sets to achieve 10 per cent revenue growth by end of this year in India, based on the strong uptake of its commercial printers and imaging products.
The company, which achieved a six per cent rise in revenues to Rs 2,158 crore last year, is also looking to aggressively expand its retail presence and will add over 60 Image Square stores.
Canon India CEO and President Kazutada Kobayashi said that Canon has noticed a steady and consistent growth of six per cent for last two consecutive years. While it still is a small part of the global revenues, but the market here is growing significantly and is a huge bet for the company. Canon India receives equal contribution from business-to-business (B2B) and business-to-consumer (B2C) segments towards its revenue share.
Last year, commercial printers business for Canon India grew at about 12 per cent, while cameras business was up six per cent.
Kobayashi said that in terms of strategic focus areas for 2016, the company wants to further expand its commercial printers and imaging products business. Also, the brand will focus on the projector and surveillance camera business which was introduced in 2015. Besides, the company is also betting on India for its software business.
Kobayashi said that the company has about 75 engineers at their Bangalore centre, which is among 5-6 such global research locations. It contributes to innovation at a global level. The company is also expanding the number of its Image Square stores to 240 by year-end. The number will rise from 176 (at the end of December 2015) to 240 by this year end.