LG Electronics has signed a memorandum of understanding with Ricoh to collaborate on technology for office environments.
The two companies will jointly drive sales and marketing activities for their collaborative efforts and will look to explore further business opportunities in the future. This strategic partnership is expected to strengthen LG’s position in the global B2B market.
Ricoh, headquartered in Tokyo, Japan, and with locations in approximately 200 countries worldwide, supports the hybrid workforces of its customers across the globe through a broad range of products, from managed workplace services to document management and intelligence process automation, in addition to printers and copiers. As part of the new agreement, Ricoh will pair select offerings with LG’s digital signage products and various other B2B products.
According to a survey conducted by Market Research Future, a market research company based in India, the global digital workplace systems market is expected to grow from about USD 33.7 billion in 2023 to USD 90.5 billion by 2030, with a compound annual growth rate (CAGR) of 15 percent. LG, which has identified the B2B sector as a key driver of business growth, aims to expand its presence within the sector and to increase its B2B sales to around 45 percent of total sales (from all business divisions) by 2030. The company is continuously expanding its B2B portfolio and is highly proactive in exploring new, high-potential business areas.