Technology giant HP on Thursday said it is bullish on cashing in on the multi-billion dollar global opportunity from demand for printing products and services and India will play a key role in achieving the goal.

"Our business is accelerating with India as a key growth engine. We are more committed than ever to growing our business in India. Some of the critical innovation around web-connected and cloud printing are being done by our engineers in India," HP Imaging and Printing Group (IPG) Executive Vice President Vyomesh Joshi told reporters in the Capital.

With the data explosion and increasing demand for printing products and solutions, HP estimates the global printing market opportunity to be worth USD 175 billion by 2013.

Services and content digitisation could be worth USD 62 billion and USD 55 billion by 2013, it added.On India, Joshi said the business has been growing significantly, but declined to provide specific numbers since the company does not give country-wise figures.

"There would be a 120-billion-pages opportunity in India in the next three years. As part of the growth strategy, we are strengthening our programs to optimise on opportunities in non-metro and upcountry markets," HP India Vice-President IPG Neeraj Sharma said.

Another key growth driver for IPG in India is the education sector, which will be a key focus for investment, he added. HP has a R&D hub in Bangalore for its IPG business, which provides critical innovation around web connected and cloud printing.

The company had launched its web-connected printers last year, which allows users to take a print froma remote location using their smartphones and laptops. In March, the company had said one of HP's key priorities will be to deliver market-specific solutions to customers in key markets like India.