HP, one of the world’s largest printer manufacturers, is all set to unveil its new line of printers to meet the ever-growing needs of home and business users. The printers, or the so-called multifunction machines, will combine a standard printer with a conventional scanner and software for electronic files and documents. The software used in these HP printers, acquired along with Autonomy Corporation, will helps business users organize and search their documents once they have been converted to digital format.

The launch seems to be HP’s attempt to bridge the product gap as they have not launched any new product in the past seven years. HP, which currently hold less than 12% share in laser color printers, aims to occupy a larger market share in the multifunction printer market. HP’s printer business has lately been struggling due to declining revenue and earnings. Therefore, debuting new printer range seems to be Chief Executive Meg Whitman’s first effort to turn a fortune for the struggling technology giant. Printer cartridges were once HP’s forte and were responsible for more than 90% of the company’s revenue. But with increased competition from low-price suppliers and reduced printing needs, the company has been facing severe losses.

Though HP has not disclosed the prices for its models, the prices of its new printers, which are especially targeting the micro-business segment, are expected to be around $2,500 to $3,000. With these models, HP aims to offer affordable, HP-quality printing solutions to its users. It also aims to replace the more expensive laser printers with its cheaper ink-based printers. The new lineup will surely offer enhanced functionality and faster printing speeds when compared to its predecessors and will meet the varying needs of the customers.