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Topline Exceeds Full Year Outlook Operating Profit and Free Cash Flow Up Strongly

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3 years ago

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  • IFRS Cloud Revenue Up 17%, Non-IFRS Cloud Revenue Up 18% At Constant Currencies in FY 2020
  • Current Cloud Backlog of €7.2 Billion, Up 14% At Constant Currencies
  • IFRS Cloud Gross Margin 66.5%, Up 3.1pp; Non-IFRS Cloud Gross Margin Reaches 69.6%, Up 1.3pp At Constant Currencies in FY2020
  • IFRS Operating Profit Up 48%; Non-IFRS Operating Profit Up 4% At Constant Currencies in FY 2020
  • IFRS EPS Up 56%; Non-IFRS EPS Up 6% in FY 2020
  • Operating Cash Flow At €7.2 Billion, Approximately Doubling Year over Year; Free Cash Flow at €6.0 Billion in FY 2020,
    Significantly Exceeding Raised Outlook
  • Customer Net Promoter Score Up Sharply; Employee Engagement Index at Record High
  • 2021 Outlook Reflects Expedited Move to Cloud
  • Successful IPO of Qualtrics

Cloud Revenue

Total Revenue

in € millions / FY 2020

in € millions / FY 2020

IFRS

Non-IFRS

IFRS

Non-IFRS

8,080

8,085

27,338

27,343

+17%

+15% (+18% cc)

-1%

-1% (+1% cc)  

The share of more predictable revenue reached 72% in the full year 2020 (+5 percentage points)

Cloud & Software Revenue

Operating Profit  

in € millions / FY 2020

in € millions / FY 2020  

IFRS

Non-IFRS

IFRS

Non-IFRS

23,228

23,233

6,621

8,283

+1%

+1% (+3% cc)

+48%

+1% (+4% cc)  

The world’s leading companies are turning to SAP to become intelligent enterprises. We are reinventing how businesses run by accelerating our customers’ transformation in the cloud. Our strong finish to the year and the launch of RISE with SAP, our new holistic business transformation offering, position us well to meet our new outlook targets.”
Christian Klein, CEO

In a uniquely challenging environment, 2020 was a record year for cash flow in every single quarter and the full year. Our better-than-anticipated top line performance combined with our quick response on the cost side drove strong operating profit. SAP’s expedited shift to the cloud will drive long-term, sustainable growth while significantly increasing the resiliency and predictability of our business.”
Luka Mucic, CFO

SAP SE (NYSE: SAP) today announced its financial results for the fourth quarter and the full year ended December 31, 2020.

Business Update

SAP’s business performance sequentially improved in the fourth quarter even as the COVID-19 crisis persisted and lockdowns were reintroduced in many regions. Cloud revenue in the fourth quarter continued to be impacted by lower pay-as-you-go transactional revenue, mainly Concur business travel related. However, continued high demand for e-commerce, Business Technology Platform, and Qualtrics solutions along with several competitive wins – particularly for SuccessFactors Human Experience Management – produced a strong finish to the year for SAP’s cloud business. SAP also saw strong early take up of its new holistic business transformation offering “RISE with SAP” among pilot customers, contributing to the cloud performance in the fourth quarter. Both North America and Europe experienced a better-than-expected performance in cloud order entry as well as software licenses revenue reflecting strong demand for SAP’s digital supply chain solutions in particular. In addition, SAP had significant competitive wins in ERP.

Recent Highlights:

  • SAP launched “RISE with SAP” on January 27, 2021, a simplified pathway for customers to transition their mission critical systems to the cloud and transform their business, delivered as a holistic commercial package with one subscription fee.
  • Successful IPO of Qualtrics on January 28, 2021, maximizing Qualtrics’ opportunity to expand their business and build the best talent while SAP retains majority ownership. At IPO, the company was valued at almost $18 billion, more than double the original acquisition price. Qualtrics shares moved even higher on the first day of trading, ending the day with a gain of just over +50%.
  • Completed the acquisition of Emarsys on November 4th, 2020, a leading omnichannel customer engagement platform provider.
  • Deepened business process intelligence capabilities with the acquisition of Signavio.
  • Expanded Microsoft relationship around Teams integration, Industry 4.0 and simplification of SAP ERP migration to the cloud on Azure.
  • Announced a new partnership with Europe’s leading industrial companies, car manufacturers and their suppliers to build the automotive network of the future.

Throughout the COVID-19 crisis, SAP continues to serve its customers effectively with an embedded virtual sales and remote implementation strategy. The company retains a disciplined approach to hiring and discretionary spend while capturing natural savings e. g. from lower travel, facility-related costs and virtual events. In combination with the strong topline performance these actions drove higher operating profit and operating margin (both in IFRS and non-IFRS at constant currencies) despite the challenging macro environment.

SAP also continues to be a key technology partner in helping customers and the broader community address COVID-19 challenges. Initiatives include:

  • Launched a vaccine collaboration hub (VCH) for Life Sciences organizations to better manage vaccine supply distribution, and to help governments and their industry partners coordinate and successfully deploy mass vaccination programs.
  • The “Corona Warn App”, SAP’s contact track and trace app, has now been downloaded more than 25 million times helping to curb the virus spread.
  • Co-innovation with Parkland Health & Hospital System to tackle urgent needs related to COVID-19: a command center dashboard to make essential decisions; a critical inventory tracker to help ensure real-time accurate tracking and availability of critical inventory such as ventilators; an online, self-service, multilingual symptom checker chatbot enabling patients to go through an initial COVID-19 screening thereby reducing load on its overwhelmed call center and reducing face-to-face interactions to improve safety.
  • Partnered with Mercy Technology Services, the IT division of St. Louis-based health system Mercy, to harness the power of data analytics to produce real-world evidence (RWE) for more informed patient care.

Financial Performance1

Full-Year 2020

SAP exceeded all of its revised 2020 revenue targets and hit the high end of its revised operating profit outlook range.

For the full year current cloud backlog was up 7% year over year to €7.15 billion (up 14% at constant currencies) amid continued COVID-19 effects on SAP’s cloud business. Cloud revenue grew by 17% year over year to €8.08 billion (IFRS), up 15% to €8.09 billion (non-IFRS) and up 18% to €8.24 billion (non-IFRS at constant currencies), exceeding the revised full year outlook (€8.0 to €8.2 billion non-IFRS at constant currencies). Continued lower transactional revenues, particularly in Concur, negatively impacted cloud growth by 4 percentage points. Cloud revenue from SAP’s SaaS/PaaS offerings, that do not belong to Intelligent Spend, and its IaaS offering grew by 27% and 23% (non-IFRS at constant currencies), respectively. Software licenses revenue was down 20% year over year to €3.64 billion (IFRS and non-IFRS) and down 17% (non-IFRS at constant currencies). Cloud and software revenue was up 1% year over year to €23.23 billion (IFRS and non-IFRS) and up 3% to €23.72 billion (non-IFRS at constant currencies), exceeding the revised full year outlook (€23.1 – 23.6 billion). Total revenue was down 1% year over year to €27.34 billion (IFRS and non-IFRS) and up 1% to €27.90 billion (non-IFRS at constant currencies), also exceeding the revised full year outlook (€27.2 – 27.8 billion).

The share of more predictable revenue grew by 5 percentage points year over year to 72% for the full year 2020.

Cloud gross margin increased 3.1 percentage points year over year to 66.5% (IFRS) and increased by 1.4 percentage points year over year to 69.6% (non-IFRS).

For the full year, IFRS operating profit and operating margin were positively impacted by significantly lower restructuring charges as well as lower share-based compensation expenses compared to 2019. Operating profit increased by 48% year over year to €6.62 billion (IFRS) and was up 1% to €8.28 billion (non-IFRS) and up 4% to €8.50 billion (non-IFRS at constant currencies), hitting the high end of the revised full year outlook (€8.1 – 8.5 billion). Operating margin increased 8.0 percentage points year over year to 24.2% (IFRS) and increased 0.6 percentage points year over year to 30.3% (non-IFRS) and 0.8 percentage points to 30.5% (non-IFRS at constant currencies) for the full year.

Earnings per share increased 56% to €4.35 (IFRS) and increased 6% to €5.41 (non-IFRS) reflecting a strong contribution from Sapphire Ventures.

Operating cash flow for the full year was € 7.19 billion, approximately doubling year over year and significantly above the raised outlook of approximately €6.0 billion. Free cash flow increased 164% year over year to €6.00 billion, significantly above the raised outlook of above €4.5 billion. Cash flow was positively impacted by lower tax and restructuring payments and a successful working capital management. At year end, net debt was –€6.50 billion.

Fourth Quarter 2020

In the fourth quarter, cloud revenue grew 8% year over year to €2.04 billion (IFRS), up 7% to €2.04 billion (non-IFRS) and up 13% (non-IFRS at constant currencies). Continued lower transactional revenues, particularly in Concur, negatively impacted cloud growth by 2 percentage points. Cloud revenue from SAP’s SaaS/PaaS offerings, that do not belong to Intelligent Spend, and its IaaS offering grew by 22% and 17% (non-IFRS at constant currencies), respectively. Software licenses revenue was down 15% year over year to €1.70 billion (IFRS and non-IFRS) and down 11% (non-IFRS at constant currencies). Cloud and software revenue was down 4% year over year to €6.58 billion (IFRS and non-IFRS) and up 1% (non-IFRS at constant currencies). Total revenue was down 6% year over year to €7.54 billion (IFRS and non-IFRS) and down 2% (non-IFRS at constant currencies).

Cloud gross margin increased 2.1 percentage points year over year to 67.2% (IFRS) and increased by 0.5 percentage points year over year to 70.0% (non-IFRS).

In the fourth quarter, IFRS operating profit and operating margin were positively impacted by lower share-based compensation expenses compared to the prior year period. Operating profit increased by 26% year over year to €2.66 billion (IFRS) and was down 3% to €2.77 billion (non-IFRS) and up 3% (non-IFRS at constant currencies). Operating margin increased by 9.1 percentage points year over year to 35.2% (IFRS) and increased 1.4 percentage points year over year to 36.7% (non-IFRS) and 1.5 percentage points to 36.8% (non-IFRS at constant currencies).

EPS was up 19% year over year to €1.62 (IFRS) and down 7% year over year to €1.69 (non-IFRS).

Non-Financial Performance 2020

SAP also showed a strong performance in non-financial metrics. Customer Net Promoter Score (NPS) increased ten points year-on-year to +4 in 2020, exceeding the outlook. This strong positive result reverses a four-year downward trend and is a result of the Company’s focus on implementing customer feedback, harmonizing customer interactions, and integration across the product portfolio.

SAP’s Employee Engagement Index increased 3 percentage points to a record 86%, at the upper end of the outlook. SAP’s retention rate was 95.3% (2019: 93.3%). Further the proportion of women in management increased to 27.5% (2019: 26.4%).

Greenhouse gas emissions were below the revised outlook from October 2020. In 2020 SAP’s greenhouse gas emissions were 135 kilotons, down 165 kt year-on-year. In addition to the Company’s measures to decrease carbon emissions, the continued travel restrictions due to the COVID-19 pandemic contributed significantly to the decrease.

Segment Performance Fourth Quarter 2020

SAP’s four reportable segments “Applications, Technology & Support”, “Concur”, “Qualtrics” and “Services” showed the following performance:

Applications, Technology & Support (AT&S)

In the fourth quarter, segment revenue in AT&S was down 4% to €6.21 billion year over year (up 1% at constant currencies). Solutions which contributed to this growth are listed below.

SAP S/4HANA

SAP S/4HANA is an intelligent, integrated ERP system that runs on SAP’s real time in-memory platform, SAP HANA. It addresses industry-specific requirements with proven best practices for 25 verticals and enables new business models as marketplaces evolve. It revolutionizes business processes with intelligent automation, supported by artificial intelligence and robotic process automation. It helps users make better decisions faster with embedded analytics, a conversational interface, and digital assistants.

Approximately 900 SAP S/4HANA customers were added in the quarter, taking total adoption to approximately 16,000 customers, up 16% year over year, of which more than 8,700 are live. In the fourth quarter, approximately 40% of the additional SAP S/4HANA customers were net new.

In the fourth quarter, world-class organizations such as L’Oréal, Shell, Schwarz IT KG (Lidl), Co-op, Unilever, s.Oliver Group, Gilead Sciences, and Saudi Aramco chose SAP S/4HANA. Boehringer Ingelheim went live with SAP S/4HANA in 41 Countries simultaneously. BT Group, A. P. Møller-Mærsk, Beijing Energy, the Coca-Cola Bottling Company of Egypt, and Bertelsmann also went live. A fast-growing number of companies of all sizes such as CureVac, Zespri, Oxford University Press, The Not Company, Nippon Cargo Airlines, BMW, Atos, and I-PEX chose SAP S/4HANA Cloud.

Human Experience Management (HXM)

The SAP SuccessFactors Human Experience Management (HXM) Suite provides solutions for core HR and payroll, talent management, employee experience management and people analytics. Built as a highly scalable platform it meets complex cross border requirements, delivering tax regulation and HR policy updates in 101 specific countries, 42 languages and payroll in 46 countries.

HXM is designed around what employees need, how they work, and what motivates them. It empowers employees and enables HR leaders to accelerate business growth.

SAP SuccessFactors HXM solutions leverage Qualtrics solutions allowing customers to capture insights from employees and link them with operational data to see what is happening, understand why and take action. More than 900 customers have selected these solutions.

BIC, City of Houston, Vodafone Idea Limited, Mitsubishi Chemical Corporation, Fujitsu Ltd., and NORD/LB were some of many competitive wins. Klosterfrau Healthcare Group and FC Bayern München went live in Q4.

SAP was ranked as a leader in the IDC MarketScape for Worldwide Talent Acquisition Suites for Large Enterprise, and the Gartner Magic Quadrant for Cloud HCM Suites for 1,000+ Employee Enterprises.

SAP Customer Experience

SAP Customer Experience (CX) combines leading solutions for commerce, service, marketing, sales, and customer data, enabling companies to manage and deliver personalized customer experiences across touchpoints and channels based on a complete view of the customer. As part of the Intelligent Enterprise, SAP CX suite integrates with SAP S/4HANA from demand signals to fulfillment in one end-to-end process.

SAP CX solutions also use the benefits of Qualtrics Customer Experience Management to understand the wants and needs of customers. This enables organizations to combine customer feedback and operational data to listen, understand and take action in the moment to improve the customer experience.

In the fourth quarter, SAP’s e-commerce solution showed a strong performance, more than doubling cloud revenue year over year.

Carrefour, Mindray, Miele & Cie. KG, Sundiro Honda Motorcycle Co., Ltd., Piaggio & C. S.p.A., and VINCI Energies chose SAP Customer Experience solutions, with Beiersdorf, Deutsche Börse and Mondi AG going live.

SAP was recently named a leader in the IDC MarketScape: Worldwide Retail Commerce Platform Software Providers 2020 Vendor Assessment report.

SAP Business Technology Platform

SAP Business Technology Platform powers customers to become intelligent enterprises and is a central element of SAP’s new “RISE with SAP” offering. Its leading technologies like SAP HANA, SAP Analytics Cloud, SAP Integration Suite and SAP Extension Suite enable customers to build, integrate and extend applications, while turning their data into business value. Its easy access to the ecosystem ensures development agility and speed. SAP Business Technology Platform supports cloud, on-premise and hybrid customer landscapes, offering seamless interoperability with other platform technologies to deliver a high level of scalability, flexibility and efficiency.

Deutsches Rotes Kreuz (German Red Cross), Nomad Foods Europe Ltd., and Enel selected SAP Business Technology Platform and SAP Analytics Cloud solutions.

In the fourth quarter, SAP further strengthened the Business Technology Platform as the engine for our customers business transformation with new tools and functionalities for low-code and no-code process automation.

SAP was recently named as a leader in both the Gartner “Magic Quadrant for Metadata Management Solutions” and its “Magic Quadrant for Cloud Database Management Systems”.

Ariba & Fieldglass

SAP Ariba provides collaborative commerce capabilities from sourcing and orders through invoice and payment along with expertise to help customers optimize their spend. The solutions drive simple, intelligent exchanges between millions of buyers and suppliers across both direct and indirect expense categories.

SAP launched Qualtrics XM for Suppliers, a new solution that combines data from an organization’s SAP Ariba, SAP Fieldglass and SAP S/4HANA solutions with real-time supplier insights and AI-driven intelligence from Qualtrics, to empower organizations to identify key areas of improvement across the source-to-pay process to help secure critical supply, increase cost savings, mitigate risk and improve business agility.

SAP Ariba and SAP Fieldglass, together with SAP Concur, represent SAP’s intelligent spend platform, the largest commerce platform in the world with over $4.1 trillion in global commerce annually transacted in more than 180 countries.

Esselunga S.p.A., Nestlé, General Motors, Ecopetrol, Los Angeles Unified School District, and Sony Picture Networks India chose SAP Ariba solutions in the fourth quarter.

SAP was recently named a leader for its SAP Ariba and SAP Fieldglass integrated solutions in the Gartner 2020 Magic Quadrant for Procure-to-Pay Suites report.

SAP Fieldglass is the leader in external workforce management and services procurement. The solutions help organizations find, engage, and manage all types of flexible resources including contingent workers, consultants and freelancers. SAP Fieldglass added more than 1 million new external workers during the fourth quarter. Chevron chose SAP Fieldglass solutions in the fourth quarter.

SAP Fieldglass solutions were recently positioned as a Market Leader in the Ardent Partners 2020 Vendor Management System Technology Advisor report.

Concur

In the fourth quarter, Concur segment revenue was down 20% to €341 million year over year (down 15% at constant currencies) due to lower pay-as-you-go transactional revenue as a result of significantly reduced business travel related to the COVID-19 crisis.

SAP Concur provides integrated travel, expense, and invoice management solutions that simplify and automate these everyday processes. The SAP Concur mobile app guides employees through business trips, charges are effortlessly populated into expense reports, and invoice approvals are automated. By integrating near real-time data and using AI to analyze 100% of transactions, the SAP Concur spend management solution provides better visibility to help efficiently control employee-driven spend.

Canadian Pacific Railway Company, Nikkei, Inc., and Software AG were among the organizations who chose SAP Concur solutions in the fourth quarter.

Qualtrics

In the fourth quarter, Qualtrics segment revenue was up 17% to €183 million year over year (up 26% at constant currencies).

With Qualtrics, SAP combines market leadership in Experience Management (XM) with end-to-end operational power in 25 industries to help organizations design and improve the four core experiences of business: customer, employee, product and brand.

The Qualtrics XM Platform™ is trusted by over 13,000 customers as mission-critical software that enables breakthrough design and continuous improvement that allows all four experiences to be managed on a single, connected platform.

In the fourth quarter, Deutsche Bank, Burton Snowboards, Bank of Montreal, Uber Singapore, University of Auckland, Rosetta Stone, HSBC, GE Healthcare, Hongkong and Shanghai Hotels, and many others selected Qualtrics to move beyond systems of record to new systems of action and achieve breakthrough results.

Services

In the fourth quarter, Services segment revenue was down 16% to €758 million year over year (down 11% at constant currencies). The services implementation business continues to demonstrate its resilience and flexibility with SAP’s shift to remote delivery, and SAP’s premium services remain in high demand. However, SAP’s training business continues to be impacted due to delays in re-opening of global training centers.

Segment Results at a Glance

Segment Performance Fourth Quarter 2020

Applications, Technology & Support

Concur

Qualtrics

Services

€ million, unless otherwise stated

(Non-IFRS)

Actual

Currency

∆ in %

∆ in %

const. curr.

Actual

Currency

∆ in %

∆ in %

const. curr.

Actual

Currency

∆ in %

∆ in %

const. curr.

Actual

Currency

∆ in %

∆ in %

const. curr.

Cloud revenue

1,592

11

17

295

–19

–14

139

26

36

0

NA

NA

Segment revenue

6,207

–4

1

341

–20

–15

183

17

26

758

–16

–11

Segment profit (loss)

3,038

–3

2

121

–30

–26

10

<-100

<-100

124

5

8

Cloud gross margin (in %)

66.3

3.2pp

2.9pp

87.2

–1.4pp

–1.6pp

89.4

–0.7pp

–0.6pp

NM1)

NM1)

NM1)

Segment margin (in %)

48.9

0.6pp

0.6pp

35.7

–5.3pp

–5.3pp

5.4

11.9pp

10.9pp

16.3

3.1pp

2.9pp

1)

NM = not meaningful

Regional Revenue Performance Full Year 2020

SAP had a solid year in all regions.

In the EMEA region cloud and software revenue increased 1% (IFRS) and 3% (non-IFRS at constant currencies). Cloud revenue increased 23% (IFRS) and 25% (non-IFRS at constant currencies) with Germany, Switzerland and France being highlights. Saudi Arabia and Sweden had a strong year in software licenses revenue.

In the Americas region, cloud and software revenue increased 1% (IFRS) and was up 3% (non-IFRS at constant currencies). Cloud revenue increased 13% (IFRS and non-IFRS at constant currencies) with Canada a highlight while the United States and Mexico had a robust performance. The United States, Brazil and Mexico held up well in software licenses revenue.

In the APJ region, cloud and software revenue was flat (IFRS) and up 2% (non-IFRS at constant currencies). Cloud revenue increased 18% (IFRS) and 21% (non-IFRS at constant currencies) with Japan, South Korea and Singapore being highlights. Japan, Australia and India had a robust performance in software licenses revenue.

Financial Results at a Glance

Fourth Quarter 2020

IFRS

Non-IFRS1)

€ million, unless otherwise stated

Q4 2020

Q4 2019

∆ in %

Q4 2020

Q4 2019

∆ in %

∆ in % const. curr.

Current cloud backlog2)

NA

NA

NA

7,155

6,681

7

14

Cloud revenue

2,041

1,896

8

2,044

1,907

7

13

Software licenses and support revenue

4,538

4,950

–8

4,538

4,950

–8

–4

Cloud and software revenue

6,579

6,846

–4

6,582

6,857

–4

1

Total revenue

7,538

8,041

–6

7,541

8,052

–6

–2

Share of more predictable revenue (in %)

65

60

4pp

65

60

4pp

Operating profit (loss)

2,655

2,102

26

2,768

2,839

–3

3

Profit (loss) after tax

1,932

1,637

18

2,022

2,190

–8

Basic earnings per share (in €)

1.62

1.36

19

1.69

1.82

–7

Number of employees (FTE, December 31)

102,430

100,330

2

NA

NA

NA

NA

1) 

For a breakdown of the individual adjustments see table “Non-IFRS Adjustments by Functional Areas” in this Quarterly Statement.

2) 

As this is an order entry metric, there is no IFRS equivalent.

Due to rounding, numbers may not add up precisely.

Full Year 2020

IFRS

Non-IFRS1)

€ million, unless otherwise stated

Q1–Q4

2020

Q1–Q4

2019

∆ in %

Q1–Q4

2020

Q1–Q4

2019

∆ in %

∆ in % const. curr.

Current cloud backlog2)

NA

NA

NA

7,155

6,681

7

14

Cloud revenue

8,080

6,933

17

8,085

7,013

15

18

Software licenses and support revenue

15,148

16,080

–6

15,148

16,080

–6

–4

Cloud and software revenue

23,228

23,012

1

23,233

23,093

1

3

Total revenue

27,338

27,553

–1

27,343

27,634

–1

1

Share of more predictable revenue (in %)

72

67

5pp

72

67

4pp

Operating profit (loss)

6,621

4,473

48

8,283

8,208

1

4

Profit (loss) after tax

5,280

3,370

57

6,529

6,152

6

Basic earnings per share (in €)

4.35

2.78

56

5.41

5.11

6

Number of employees (FTE, December 31)

102,430

100,330

2

NA

NA

NA

NA

1)

For a breakdown of the individual adjustments see table “Non-IFRS Adjustments by Functional Areas” in this Quarterly Statement.

2) 

As this is an order entry metric, there is no IFRS equivalent.

Due to rounding, numbers may not add up precisely.

Business Outlook 2021

SAP provides the following full-year 2021 outlook reflecting its solid business momentum and current estimates concerning the timing and pace of recovery from the COVID-19 crisis. This outlook assumes the COVID-19 crisis will begin to recede as vaccine programs roll out globally, leading to a gradually improving demand environment in the second half of 2021.

  • SAP expects €9.1 – 9.5 billion non-IFRS cloud revenue at constant currencies (2020: €8.09 billion), up 13% to 18% at constant currencies
  • SAP expects €23.3 – 23.8 billion non-IFRS cloud and software revenue at constant currencies (2020: €23.23 billion), flat to up 2% at constant currencies
  • SAP expects €7.8 – 8.2 billion non-IFRS operating profit at constant currencies (2020: €8.28 billion), down 1% to 6% at constant currencies
  • The share of more predictable revenue (defined as the total of cloud revenue and software support revenue) is expected to reach approximately 75% (2020: 72%).

Following a record cash flow performance in 2020, the company expects operating cash flow of approximately €6.0 billion (2020 €7.2 billion) primarily reflecting moderately lower profit, higher expected income tax payments, and adverse currency exchange movements. Free cash flow is expected above €4.5 billion (2020 €6.0 billion), also impacted by a modest increase in capex.

While SAP’s full-year 2021 business outlook is at constant currencies, actual currency reported figures are expected to be impacted by currency exchange rate fluctuations as the Company progresses through the year. See the table below for the Q1 and FY 2021 expected currency impacts.

Expected Currency Impact Based on December 2020 Level for the Rest of the Year

In percentage points

Q1

FY

Cloud revenue

-6pp to -8pp

-3pp to -5pp

Cloud and software revenue

-5pp to -7pp

-2pp to -4pp

Operating profit

-7pp to -9pp

-2pp to -4pp

SAP also confirms its mid-term ambition which was previously published in its Q3 2020 Quarterly Statement.

In addition to the financial goals, SAP also focuses on three non-financial targets for 2021: customer loyalty, employee engagement, and carbon emissions. SAP aims to achieve a Customer Net Promoter Score score of 5 to 10 in 2021. The Company targets an Employee Engagement Index in a range of 84% to 86%. Further, the Company targets greenhouse gas emissions of 145 kt in 2021.

The full Q4 2020 Quarterly Statement can be downloaded from http://www.sap.com/investors/sap-2020-q4-statement.

Additional Information

This Quarterly Statement and all information therein is unaudited.

The 2019 comparative numbers for full year only include Qualtrics revenues and profits from acquisition date of January 23rd.

The SAP Integrated Report 2020 and Annual Report on Form 20-F will be published on March 4th, 2021, and will be available for download at www.sapintegratedreport.com.

Definition of key growth metrics

Current cloud backlog (CCB) is the contractually committed cloud revenue we expect to recognize over the upcoming 12 months as of a specific key date. Thus, it is a subcomponent of our overall remaining performance obligations following IFRS 15.120. For CCB, we take into consideration committed deals only. CCB can be regarded as a lower boundary for cloud revenue to be recognized over the next 12 months, as it excludes utilization-based models without pre-commitments and committed deals, both new and renewal, closed after the key date. For our committed cloud business, we believe the expansion of CCB over a period is a valuable indicator of go-to market success, as it reflects both new contracts closed as well as existing contracts renewed.

Share of more predictable revenue is the total of non-IFRS cloud revenue and non-IFRS software support revenue as a percentage of total revenue.

Global commerce is the total commerce volume transacted on the SAP Ariba, SAP Concur and SAP Fieldglass Networks in the trailing 12 months. SAP Ariba commerce includes procurement and sourcing spend.

For explanations on other key growth metrics please refer the performance management section of SAP’s Integrated Report 2019 and Half-Year Report, which can be found at www.sap.com/investor.

Webcast

SAP senior management will host a virtual press conference today, January 29th at 10:00 AM (CET) /9:00 AM (GMT) / 4:00 AM (Eastern) / 1:00 AM (Pacific), followed by a financial analyst conference call at 2:00 PM (CET) / 1:00 PM (GMT) / 8:00 AM (Eastern) / 5:00 AM (Pacific). Both conferences will be webcast live on the Company’s website at www.sap.com/investor and will be available for replay. Supplementary financial information pertaining to the full-year and quarterly results can be found at www.sap.com/investor.

Financial Analyst and Investor Conference

Following the “RISE with SAP” launch held on January 27th, SAP is planning to host an event for financial analysts and investors in the coming months, in conjunction with the company’s annual SAPPHIRE NOW conference.

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Wladimir P. is a Content Editor at European Gaming Media and at PICANTE Media and covers a large variety of industries.

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SimSpace strengthens their leadership team, appointing Knutsen to drive revenue growth for the company as it expands further into the public sector 
BOSTON, May 2, 2024 /PRNewswire/ — SimSpace, the US-based industry leader in AI-Powered cyber ranges, announced today the appointment of Matt Knutsen as its new Chief Revenue Officer (CRO). Matt will champion SimSpace’s global sales and revenue growth strategy. He will drive expansion initiatives and foster strategic partnerships to stress test businesses’ and state agencies’ people, processes and technologies against the most advanced adversaries.

With more than 20 years of experience in the field, Matt most recently held the position of CRO at cyber training provider Immersive Labs, where he increased revenue growth by over 4000% and attracted over $180M in investment. He also launched the company into new markets, expanding the team across Australia, Europe, the Middle East, New Zealand and the US. The combination of Matt’s wealth of experience and his in-depth industry knowledge make him well-equipped to lead SimSpace’s next phase of growth.
As nation-state attacks rise in frequency, and AI drives a new wave of severe cyberattacks, companies also have to navigate uncertain economic conditions. SimSpace empowers organizations to cut unnecessary spending through stack optimization, allowing CISOs to maximize their ROI and effectiveness of their technology stack. Knutsen’s influence in the field will propel the SimSpace Platform to new heights, advancing access for companies and governments that need to optimize their cybersecurity defenses and safeguard their critical infrastructure from an increasingly volatile threat landscape.
Matt Knutsen is the most recent addition to SimSpace’s Executive Leadership Team, following Clint Sand’s appointment as Chief Product Officer in February 2024. His appointment underscores SimSpace’s continued growth trajectory, headed by the $45M they secured in funding from L2 Point Management, bringing the total capital raised over the past year to $70M. The company has also bolstered their presence in the public sector, marked by their recent partnership with Carahsoft and their multi-year contract with Florida to enhance the state’s cybersecurity preparedness. SimSpace’s high fidelity cyber ranges and simulations will enable state agencies and programs like Cyber Florida to rehearse and respond to cyberattacks.  
Commenting on Matt’s arrival, SimSpace CEO William Hutchison said, “Matt is a seasoned executive, who has accumulated years of knowledge on cybersecurity best practices and established himself as a leading authority in cyber range exercises. His industry influence, strategic vision and conviction in the importance of cybersecurity preparedness will shape the future success of the company at this crucial time of expansion. With Matt leading our revenue organization, we have full confidence in our capacity to deepen our valued partnerships and build strong, new connections which will further elevate SimSpace’s position as a trusted cybersecurity partner.”
Matt Knutsen, Chief Revenue Officer commented, “I’m looking forward to bringing a proactive approach to cybersecurity risk management to even more private and public sector organizations. I’ve already been impressed by SimSpace’s high-fidelity cyber range simulations, both on and off premise. It’s a great time to be joining the company and I’m excited to build upon SimSpace’s recent rapid growth with even more partnerships.”
About SimSpace
SimSpace is the global leader in AI-Powered cyber ranges, founded by experts from U.S. Cyber Command and MIT’s Lincoln Laboratory to respond to a new era of unprecedented cyber threats. Having raised nearly $70 million in funding over the past year, the company’s Platform enables the most sophisticated enterprises, governments, and critical national infrastructure organizations to find intelligence-driven answers to the most vexing security, governance, training, and cyber readiness questions. SimSpace provides high-fidelity cybersecurity simulations, training, and safe live-fire exercises to Fortune 2000 financial, retail, insurance, and other commercial markets. SimSpace’s Platform results in an average reduction in cyber operational costs of 30% and a 40% reduction in breaches. 
For more information, please visit: www.SimSpace.com.

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Artificial Intelligence

Enterprise AI Market to Be Worth $171.2 Billion by 2031–Exclusive Report by Meticulous Research®

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May 2, 2024

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REDDING, Calif., May 2, 2024 /PRNewswire/ — According to a new market research report titled, ‘Enterprise AI Market by Offering (Solutions, Services), Deployment Mode, Organization Size, Technology (ML, NLP), End-use Industry (IT & Telecom, Healthcare, Retail & E-commerce, Media & Advertisement) and Geography—Global Forecast to 2031,’ the global enterprise AI market is projected to reach $171.2 billion by 2031, at a CAGR of 32.9% from 2024 to 2031.

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Enterprise artificial intelligence (AI) is the integration of advanced AI-enabled technologies and techniques within large organizations to enhance business functions. Enterprise AI encompasses routine tasks of an organization such as data collection and analysis, supply chain management, finance, marketing, customer service, human resources and cybersecurity, and risk management. Enterprise AI is an integration of AI-enabled technologies such as machine learning, natural language processing, image processing, and speech recognition. Enterprise AI is used in various industries such as media & advertising, healthcare, retail & e-commerce, BFSI, government, automotive, and IT & telecom.
The growth of the enterprise AI market is driven by enterprises’ increasing need to enhance customer satisfaction and the growing implementation of enterprise AI solutions in the IT & telecom sectors. However, the high costs of enterprise AI solutions restrain the growth of this market. Furthermore, the increasing need for conversational AI solutions for optimized sales & marketing management and the growing need to automate business processes are expected to generate growth opportunities for the players operating in this market. However, data privacy & security concerns are a major challenge impacting market growth. Additionally, the growing adoption of AI chatbots for customer interaction and the increasing integration of Machine Learning (ML) technology into enterprise AI solutions are prominent trends in this market.
The global enterprise AI market is segmented by offering (solutions and services [professional services and managed services]), deployment mode (cloud-based deployment and on-premise deployment), organization size (large enterprises and small & medium-sized enterprises), technology (machine learning, image processing, natural language processing, and speech recognition), end-use industry (media & advertising, healthcare, retail & e-commerce, BFSI, government, automotive, IT & telecom, and other end-use industries), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.
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Based on offering, in 2024, the solutions segment is expected to account for the larger share of 63% of the enterprise AI market. The segment’s large market share is attributed to the growing adoption of enterprise AI solutions to solve specific business challenges or streamline business processes and the growing implementation of these solutions to automate tasks, analyze data, and provide insights.
However, the services segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by the growing need for AI consulting, data analysis, and enterprise-grade AI solution development, maintenance, and support and the rising adoption of services to automate tasks and help improve business operations efficiently.
Based on deployment mode, in 2024, the on-premise deployment segment is expected to account for the largest share of the enterprise AI market, with a revenue contribution of around USD 13 billion. The segment’s large market share is attributed to the increasing on-premise deployment of enterprise AI solutions by large enterprises and the growing demand for service flexibility, enhanced customer experience, and efficiency in managing risks and compliance.
However, the cloud-based deployment segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by benefits associated with cloud-based deployment, including easy maintenance of customer data, cost-effectiveness, and scalability, and the increasing demand for enterprise AI solutions that support multi-cloud deployments.
Based on organization size, in 2024, the large enterprises segment is expected to account for the larger share of the enterprise AI market. The segment’s large market share is attributed to the growing emphasis on developing strategic IT initiatives among large enterprises, the increasing need to manage large volumes of customer-level data, and the early adoption of advanced technologies across various sectors such as retail, manufacturing, healthcare, and automotive.
However, the small & medium-sized enterprises segment is expected to register a higher CAGR during the forecast period. The growth of this segment is driven by the increasing need for chatbots and digital assistants among small & medium-sized enterprises and the increasing need to improve performance, quality management, and customer satisfaction in call centers.
Based on technology, in 2024, the machine learning segment is expected to account for the largest share of the enterprise AI market. The segment’s large market share is attributed to the growing adoption of enterprise AI solutions with machine learning capabilities to analyze historical data and identify patterns and the increasing use of these solutions in e-commerce, streaming platforms, and content websites.
However, the natural language processing segment is expected to register the highest CAGR of 37.4% during the forecast period. The growth of this segment is driven by the growing need to understand, interpret, and generate human language data and the rising adoption of NLP to analyze user preferences, behaviors, and interactions to deliver personalized content.
Based on end-use industry, in 2024, the IT & telecom segment is expected to account for the largest share of 26% of the enterprise AI market. The segment’s large market share is attributed to the increasing demand for personalized customer experiences enabled by AI technologies, the rising adoption of AI for analyzing data from network sensors to optimize operations, and the growing utilization of AI to enhance network performance and deliver customized services. Also, this segment is expected to register the highest CAGR during the forecast period.
Based on geography, in 2024, North America is expected to dominate the global enterprise AI market.  North America enterprise AI market is estimated to be worth USD 9 billion in 2024. North America’s significant market share can be attributed to the growing adoption of enterprise AI solutions in the retail, healthcare, and finance sectors, the rising implementation of AI to enhance customer engagement, inventory management, and personalized shopping experience, and the increasing use of chatbots on websites, social media platforms, and messaging apps to respond customer inquiries.
However, Asia-Pacific is expected to register the highest CAGR of 34.3% during the forecast period. The growth of this regional market is driven by the growing emphasis by companies to launch chatbots and virtual assistants in the Asia-Pacific region, growing demand for chatbots and voice assistant solutions, and increasing demand for AI-powered customer support services.
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The key players operating in the enterprise AI market are NVIDIA Corporation (U.S.), Google LLC (A subsidiary of Alphabet Inc.) (U.S.), Amazon Web Services, Inc. (A Subsidiary of Amazon.com, Inc.) (U.S.), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Verint Systems Inc. (U.S.), SAP SE (Germany), Pegasystems Inc. (U.S.), Wipro Limited (India), Intel Corporation (U.S.), Oracle Corporation (U.S.), Hewlett Packard Enterprise (U.S.), MicroStrategy Incorporated (U.S.), Amelia US LLC (U.S.), Sentient.io (Singapore).
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Scope of the Report:
Global Enterprise AI Market Assessment—by Offering
SolutionsServicesProfessional ServicesManaged ServicesGlobal Enterprise AI Market Assessment—by Deployment Mode
On-premise DeploymentCloud-based DeploymentGlobal Enterprise AI Market Assessment—by Organization Size
Large EnterprisesSmall & Medium-sized EnterprisesGlobal Enterprise AI Market Assessment—by Technology
Machine LearningNatural Language ProcessingImage ProcessingSpeech RecognitionGlobal Enterprise AI Market Assessment—by End-use Industry
IT & TelecomNetwork OptimizationCustomer Service Automation and Virtual AssistantsHuman Resource ManagementCustomer AnalyticsCybersecurityOther IT & Telecom Applications BFSISecurity and Risk ManagementStreamlining Regulatory ComplianceCustomer Relationship ManagementReal-Time Transaction MonitoringData Analytics & PredictionOther BFSI Applications HealthcareHospital Workflow ManagementLifestyle ManagementPatient Data & Risk AnalyticsMedical Imaging & DiagnosisPrecision MedicineRemote Patient MonitoringRobot-assisted SurgeryDrug Discovery Retail & E-commerceSearch and RecommendationsCustomer Relationship ManagementInventory ManagementSupply Chain OptimizationIn-store Visual Monitoring & SurveillancePredictive AnalyticsDemand ForecastingChatbots Media & AdvertisementChatbots and Virtual AssistantsPredictive AnalyticsSales & Marketing AutomationAdvertising RecommendationContent GenerationTalent IdentificationProduction Planning & Management AutomotiveAdvanced Driver Assistance SystemsHuman-Machine InterfaceVehicle PersonalizationDesigning and Production ManagementSupply Chain ManagementOther Automotive Applications GovernmentFraud Detection and PreventionAdministrative ProcessesDisaster Management and ResponsePersonalized User SupportOther Government Applications Other End-use IndustriesGlobal Enterprise AI Market Assessment —by Geography
North AmericaU.S.CanadaEuropeGermanyU.K.FranceItalySpainRest of EuropeAsia-PacificChinaJapanIndiaSouth KoreaSingaporeRest of Asia-PacificLatin AmericaMiddle East & AfricaRelated Reports:
Conversational AI Market by Offering, Application, Organization Size, Deployment Mode, Sector (IT & Telecommunications, BFSI, Retail & E-commerce, Healthcare & Life Sciences, Travel & Hospitality, Education, Manufacturing) – Global Forecast to 2030
Speech and Voice Recognition Market by Function (Speech, Voice Recognition), Technology (AI and Non-AI), Deployment Mode (Cloud, On-premise), End User (Consumer Electronics, Automotive, BFSI, Other End Users), and Geography – Global Forecast to 2030
AI in Manufacturing Market by Component, Technology (ML, NLP, Computer Vision), Application (Predictive Maintenance & Machinery Inspection, Quality Management, Supply Chain Optimization), End-use Industry – Global Forecast to 2030
AI in E-commerce Market by Technology (ML, NLP, Computer Vision), Business Model, Deployment Mode, Product Offering (Beauty & Fashion, Pharmaceutical, Electronic), End User (B2B, B2C), and Geography – Global Forecast to 2031
Healthcare Artificial Intelligence Market by Offering (Software, Services), Technology (ML, NLP), Application (Hospital Workflow Management, Patient Management), End User (Hospitals & Diagnostic Centers), and Geography – Global Forecast to 2031
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
Contact:
Mr. Khushal BombeMeticulous Market Research Inc.1267 Willis St, Ste 200 Redding,California, 96001, U.S.USA: +1-646-781-8004Europe : +44-203-868-8738APAC: +91 744-7780008Email- [email protected] Visit Our Website: https://www.meticulousresearch.com/Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-researchContent Source: https://www.meticulousresearch.com/pressrelease/1041/enterprise-ai-market-2031
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Artificial Intelligence

Virtual Assistant Market Size to Grow USD 8613.5 Million by 2030 at a CAGR of 22.3% | Valuates Reports

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May 2, 2024

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BANGALORE, India, May 2, 2024 /PRNewswire/ — Virtual Assistant Market is Segmented by Type (Fax, Media), by Application (Retail & Ecommerce, BFSI, Automotive, Healthcare).

The Global Virtual Assistant Market was valued at USD 2054.5 Million in 2023 and is anticipated to reach USD 8613.5 Million by 2030, witnessing a CAGR of 22.3% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Virtual Assistant Market:
Because of its advanced digital infrastructure and early acceptance of technology, North America is the leader in the virtual assistant business. With so many tech-savvy professionals in the US and Canada, virtual assistant jobs are becoming more and more appealing to them as flexible work options. This region’s virtual assistant platform industry is growing due in part to the presence of large technological corporations and startups. Furthermore, as companies look for affordable options for administrative help, the surge in remote work trends—particularly in the wake of the pandemic—has increased demand for virtual assistants.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL VIRTUAL ASSISTANT MARKET
The growing requirement for efficient administrative support services is driving the virtual assistant market in the BFSI sector. Virtual assistants, who manage administrative tasks including data entry, document preparation, and email correspondence, are a wonderful asset to financial firms. Their remote access to planning resources from a home office makes it easier for clients to cooperate and boosts output. Additionally, virtual assistants with specialised knowledge in banking, finance, and regulatory compliance improve customer service and operational performance in the BFSI sector.
Because they offer administrative help to companies in the retail and e-commerce sectors, virtual assistants are essential to this industry. Virtual assistants let retailers focus on their main business activities by streamlining their operations and performing tasks like inventory management, product listing updates, and customer questions and orders processing. Their remote access to common calendars and other planning materials guarantees smooth client collaboration and improves responsiveness to client requests. Because virtual assistants provide flexible support services that can adjust to changing demand levels, they can help retail and e-commerce enterprises scale.
Virtual assistants are fostering growth in the automotive industry by offering administrative support services to companies in this field. Virtual assistants help auto firms with a range of duties, such as addressing client questions, making appointment arrangements, and organising logistics for car delivery and maintenance. The flexibility and efficiency of the automotive supply chain are increased by their remote access to planning documents and capacity to work from home offices. Furthermore, virtual assistants enhance client satisfaction by offering prompt help and support during the whole lifespan of a vehicle.
The market for virtual assistants is expanding in the healthcare industry as providers look to enhance patient care and streamline administrative procedures. Virtual assistants help healthcare businesses by taking care of patient queries, organizing appointments, and helping with medical paperwork duties. They may collaborate with healthcare professionals more easily and efficiently since they can work from home offices and access shared calendars and patient information. By promptly responding to questions and concerns about healthcare, virtual assistants can help to increase patient satisfaction.
The demand for cost-cutting and operational efficiency, the emergence of software-defined networking (SDN) technologies, and the growing complexity of network infrastructures are the main drivers of the market for network automation. In response to expanding digital transformation projects and the growth of cloud-based services and apps, organisations across a wide range of sectors are adopting automation to increase agility, streamline network administration operations, and boost security posture.
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VIRTUAL ASSISTANT MARKET SHARE ANALYSIS
Due to the region’s early technological adoption and strong digital infrastructure, North America now dominates the virtual assistant industry. There is a sizable pool of tech-savvy workers in the US and Canada who are increasingly looking for flexible work options in virtual assistant professions. The existence of established tech firms and new ventures focused on virtual assistant platforms contributes to the expansion of this industry in this area. In addition, as companies look for affordable options for administrative help, the need for virtual assistants has increased due to the rise in remote work patterns, particularly in the wake of the pandemic.
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Key Companies:
OracleNuance CommunicationsMicrosoftInbenta TechnologiesSamsung ElectronicsAppleIBMIntelGOOGLE INCAmazonPurchase Chapters: https://reports.valuates.com/market-reports/QYRE-Auto-21S6075/global-and-united-states-virtual-assistant/1 
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–  The intelligent virtual assistant market size was valued at USD 3,442 Billion in 2019, and is projected to reach USD 44,255 Billion by 2027, growing at a CAGR of 37.7% from 2020 to 2027.
–  Intelligent Virtual Assistant (IVA) Solution market was valued at USD 477 Million in 2023 and is anticipated to reach USD 798.8 Million by 2030, witnessing a CAGR of 7.6% during the forecast period 2024-2030.
–  Healthcare Virtual Assistants market size is projected to reach USD 996.2 Million by 2028, from USD 293.9 Million in 2021, at a CAGR of 18.5% during 2022-2028.
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–  Medical Virtual Assistant market is projected to reach USD 2668.4 Million in 2029, increasing from USD 487 Million in 2022, with a CAGR of 27.9% during the period of 2023 to 2029.
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–  Intelligent Virtual Assistant Software market was valued at USD 3040 Million in 2023 and is anticipated to reach USD 9636.3 Million by 2030, witnessing a CAGR of 17.3% during the forecast period 2024-2030.
–  Virtual Customer Assistant Application Market
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–  Virtual Secretary Service market is projected to reach USD 912.2 Million in 2029, increasing from USD 412 Million in 2022, with a CAGR of 10.8% during the period of 2023 to 2029.
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–  AI In Telecommunication market was valued at USD 2482 Million in 2022 and is anticipated to reach USD 19170 Million by 2029, witnessing a CAGR of 40.6% during the forecast period 2023-2029.
–  Metaverse market size is projected to reach USD 28 Billion by 2028, from 510 USD Million in 2022, at a CAGR of 95% during 2022-2028.
–  The global conversational AI market size was valued at USD 5.78 billion in 2020, and is projected to reach USD 32.62 billion by 2030, registering a CAGR of 20.0% from 2021 to 2030.
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–  The generative ai market was valued at USD 8.15 Billion in 2021, and is estimated to reach USD 126.5 Billion by 2031, growing at a CAGR of 32% from 2022 to 2031.
–  The global AI Content Generation market was valued at USD 1400 Million in 2022 and is anticipated to reach USD 5958 Million by 2029, witnessing a CAGR of 27.3% during the forecast period 2023-2029.
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