Global tech and computer giant HP Inc is planning for future growth opportunities by focusing on solutions and user experiences beyond the personal computer (PC) market amid global economic headwinds.
Among the company's new product and service categories are hybrid work portfolios, artificial intelligence (AI), security and sustainability products.
Despite economic challenges and a stagnant PC market, HP wants to expand core businesses and create new growth opportunities for the future, Enrique Lores, HP president and chief executive, said at the company's "Amplify Partner Conference 2023" on March 29 in Chicago.
These opportunities refer to new customers and new product categories.
"We need to co-create together with our partners. We'll make sure our product portfolio, operations and team are ready for the future," said Mr Lores.
HP's new product portfolio was created to serve the industry's mega-trends, including AI, which is expected to improve customer experience. The company has begun to embed AI capabilities in some HP products.
The second trend is flexible hybrid work that enables deeper engagement and employee collaboration.
He said hybrid work is here to stay and HP plans to make it more flexible, offering new experiences through its products, including a video-conferencing headset solution.
Video-conferencing is a multi-billion-dollar opportunity as globally there are around 90 million meeting rooms, of which only 10% have video conference capabilities, said Mr Lores.
The third trend is resilience, particularly related to the supply chain, with a lot of changes driven by geopolitics and climate change, prompting businesses to redesign factories and deliver faster to market.
He said the fourth trend is "the age of mistrust" as people do not trust governments, though some have faith in companies they consider trustworthy.
Companies with the ability to build their reputation as trustworthy will succeed in the future, said Mr Lores.
"Sustainability is a fundamental part of our strategy because it drives our growth and can help set us apart from the competition in the future, helping to capture new customers who need to meet sustainability goals," he said.
"Customers are at the centre of everything we do for innovation."
Alex Cho, president for personal systems at HP, said computing power enriches people's lives.
HP personal systems range from PCs to printing and peripheral products for office and home.
The personal systems sector should have faster innovation, marked by a US$560 billion total addressable market in 2024, said Mr Cho.
He said gaming will have a $60 billion total addressable market by 2025, with 3.8 billion gamers worldwide by 2027.
The company plans to offer solutions for better, more personalised gaming experiences, said Mr Cho.
Dave McQuarrie, chief commercial officer at HP, said the company will move quickly and enable local operators to decide timing in order to outperform competitors with faster delivery.
The company foresees opportunities to support a remote workforce service market worth $150 billion, small and medium-sized enterprise market worth $1.45 trillion and AI hardware total addressable market worth $19 billion.
"We'll leverage deeper integrated technologies to offer innovative solutions," said Mr McQuarrie.
Tuan Tran, president for imaging, printing and solutions at HP, said printing solutions remain centred around home and office.
Printing solutions will support flexible hybrid work lifestyles as well as sustainability by consuming less energy, he said.
HP also announced several new partner benefits and programme enhancements at the conference.
As of Nov 1, all HP products, solutions and distribution across its vast portfolio will be integrated into the HP Amplify programme, delivering one global platform as the foundation for partner engagement.
"The HP Amplify programme represents the industry's first effort to reward partners across performance, capabilities and collaboration," said Kobi Elbaz, general manager of HP Global Channel Organization.
"We're looking forward to integrating our evolving and expanding portfolio into the Amplify Partner programme in the new fiscal year."