The software company, SAP, has seen a strong push for cloud and related software rewarded in 2018 as they pulled in $20billion in the market. The positive response from last year’s figures has led them to confirm they are ramping up their metrics, and are now expecting to make $35billion a year in the cloud tech industry by 2023.
This kind of financial showing indicates how well the market is responding to the availability of cloud computing and technology, and with research and consultancy firms expecting the uptake to increase in the next few years, it is likely the trend will continue.
Results from the fourth quarter of 2018 show that SAP has hugely benefited from cloud growth, as the revenue they took in from it went up by an impressive 38% for the year-long period, and 40% in the quarter.
According to their CEO, Bill McDermott, their levels of new bookings for clients moving to the cloud also went up by a quarter in 2018, earning them an extra $1.8billion.
After acquiring Qualtrics for $8billion in November 2018, it has proved to be a shrewd business decision, which appears to have added to their credentials. McDermott said they now have 180 million clients worldwide using the cloud, which shows how the scene is growing if this is just one of the leading enterprises in the industry. McDermott expected positive results to continue in 2019, saying: “every strategic asset in the company is growing.”