The combined serial inkjet and page printers, copiers and multifunction products (MFP) market in the country totaled 7,15,202 units in the second quarter of the year, a 6.8 percent increase over the year-ago period, according to research firm Gartner.
The total end-user spending stood at USD 208.1 million, up 35 percent from the same period last year, Gartner said in a statement.
"The MFP market growth here has been driven by the banking, financial services and insurance, education and government sectors," Gartner research analyst Amrita Choudhury said.
She further said the market also gained some traction in the high speed segment, often used by large publishing houses or organisations to print their outbound communications.
HP maintained its leadership position in the printers, copiers and MFP market, accounting for 51.4 percent of shipments, followed by Canon with 23 percent, Samsung with 8.3 percent and Epson with 8.1 percent market share.
In the A4 MFP segment also, HP is the market leader with a 48.2 percent market share, followed by Samsung with 22.7 percent and Canon with 13.7 percent share in the second quarter.
The A3 flatbed copier MFP segment saw Canon leading the market with a 28.9 percent share, followed by Konica Minolta, which accounted for 19.7 percent of total sales. Ricoh commanded 12.8 percent of the market.
The inkjet printer market declined 7.2 percent in the second quarter compared to the same period last year.
HP, which accounted for 50.8 percent of the total sales in the segment, witnessed a shipment decline of 23.6 percent. Epson commanded a market share of 30 percent and had a shipment decline of 8.8 percent.
Canon improved its shipments in the inkjet division and grew at 136 percent compared to the second quarter of 2011, and contributed to 18.8 percent of market share.