Executives at technology companies are working hard to stop revenues from declining sharply as consumers show less willingness to spend on digital gadgets amid the global economic slowdown.

Canon [CFP]

For Tatsuo Yoshioka, vice-president of Canon China, the mission this year is tough: to sell one-fifth more digital cameras in China where the market as a whole is expected to shrink by 3 to 4 percent.

The financial crisis cut Canon's net profit by 37 percent last year. Shrinking profit margins, a stronger yen and plunging demand in mature markets have certainly not helped the world's largest camera maker.

To partly offset the falling numbers, Canon plans to tap consumers in China, where it said nearly two-thirds of families still do not own digital cameras.

"In every crisis there are some unprecedented hidden opportunities and the vital thing is how we can discover that faster than our competitors," said Yoshioka.

"According to our estimates, there are still 70 million Chinese families that plan to purchase digital cameras. So, we think there is still a huge space to grow."

Canon is the biggest player in the domestic digital camera market, with a nearly 30 percent share. It is followed by Sony, Samsung and Nikon, according to domestic research firm, CCID consulting.

Canon's digital image products [CFP]

During the past few years, the company has recorded nearly 30 percent growth in the country, making China Canon's third largest market after the United States and Japan.

China has long been believed to be the "safe harbor" for many multinationals suffering from a plunge in global technology spending. But the evidence is growing that the harbor is no longer as safe as earlier estimated.