Lexmark has announced that it is quitting the inkjet printer market as part of a major restructuring of the company.

In a statement to shareholders, the Lexmark confirmed that it would stop making new printers in the coming months and stop selling ink for all printers by 2015.

Lexmark has for a long time focused on selling cheaper Wi-Fi-enabled printers but as more and more of us stop printing - preferring to share pictures via social networks or store documents in the cloud - it seems the company has been squeezed beyond the point of being profitable.

According to industry analysts, HP, Canon and Epson dominate 90 per cent of the market between them, leaving little room for company's such as Lexmark or Kodak.

Lexmark says the move will help it to save $95 million a year.