SAP a German-based European multinational company known for making the enterprise software to manage different business operations and customer relationships and in 2012 made an entry in the cloud solution market. In 2018, SAP broke the number £ 20 million in the yearly cloud and software revenue beating the expectations. The enterprises are now planning to hit £ 35 billion in the total revenue by 2023. For the Q4 2018, the financial results for the enterprises almost touched £ 6.3 billion, only the cloud and software revenue was considered. It also represented 85 percent of the revenue for the enterprises for the quarter.
SAP CEO Bill McDermott also added that the cloud booking for 2018 has hit around £ 1.8 billion, increase by 25 percent and the cloud revenue over the Q4 has seen an increase of about 40 percent. He also put forth the number that SAP holds around 180 million cloud users and seems positive of the future growth we might see. He said that SAP currently only encompasses the winning businesses in the services. Embracing the software as a service we were able to improve the solutions for the businesses. The Chief Financial Officer Luka Mucic also went on to add that the public cloud or software or platform as a service for all the services the demand increased over the course of 2018. Further, we also look towards the year 2019 with a more positive outlook with cloud and the platform convergence. Scalability in the cloud will be the solution that many of the enterprises will be embracing over the course of time.
SAP recently announced the acquisition of Qualtrics International Inc. Qualtrics is a global leader in the experience management (XM) software that enables the enterprises to thrive under the user experience management. SAP and Qualtrics will be able to deliver products that will solve the problems but also offer a brand experience to all its customers.