SAP
SAP SE is a German multinational software corporation headquartered in Walldorf, Baden-Württemberg, founded on 1 April 1972 by five former IBM employees—Dietmar Hopp, Hasso Plattner, Claus Wellenreuther, Klaus Tschira, and Hans-Werner Hector—as Systemanalyse und Programmentwicklung (Systems Analysis and Program Development), later renamed to stand for Systeme, Anwendungen und Produkte in der Datenverarbeitung (Systems, Applications, and Products in Data Processing).[1][2] The company develops and markets enterprise application software, with a focus on enterprise resource planning (ERP) systems that integrate core business processes such as finance, human resources, manufacturing, and supply chain management.[3][4] SAP has grown to become the world's largest non-American software firm by market capitalization and revenue, serving over 440,000 customers across more than 180 countries with products like SAP S/4HANA, an in-memory ERP platform emphasizing real-time analytics and cloud deployment.[4][5] Its innovations have standardized business software globally, enabling standardized data processing and operational efficiency for large enterprises, though implementations often require significant customization and investment.[2] Key achievements include pioneering real-time financial accounting software in the 1970s and expanding into cloud, AI, and analytics solutions, contributing to annual revenues exceeding €31 billion as of recent fiscal years.[1][6] The company has faced notable controversies, including foreign bribery schemes in countries such as South Africa, Indonesia, and others, leading to a $220 million settlement with U.S. authorities in 2024 for violations of the Foreign Corrupt Practices Act, involving improper payments to government officials to secure contracts.[7][8] Additionally, SAP has been embroiled in antitrust litigation, such as a 2025 U.S. Supreme Court rejection of its bid to dismiss claims by competitor Celonis alleging illegal tying of software sales to block data access.[9] These issues highlight challenges in international compliance and competitive practices amid its dominant market position.[10]
History
Founding and Early Development
SAP was founded on April 1, 1972, by five former IBM employees—Dietmar Hopp, Hasso Plattner, Claus Wellenreuther, Klaus Tschira, and Hans-Werner Hector—who established the company as Systemanalyse und Programmentwicklung (Systems Analysis and Program Development), commonly abbreviated as SAP.[2] The founders aimed to develop standardized software for real-time data processing, departing from the prevalent batch-processing methods of the era, with initial headquarters in Weinheim, Germany, and an office in Mannheim.[1] Their early work focused on creating integrated business applications, beginning with a materials, information, and accounting system (MIAS) in 1972 for the German subsidiary of Imperial Chemical Industries (ICI).[1] In 1973, SAP introduced its first financial accounting module (RF), which formed the foundation for the company's initial real-time system, SAP R/1, emphasizing modular design to enable flexible enterprise resource management.[1] This system allowed immediate data processing rather than overnight batch runs, addressing limitations in contemporary mainframe computing. By 1974, SAP had secured 40 reference customers, including Burda and Linde, and expanded with a purchasing module; in 1975, it released the materials management system (RM) and achieved its first international installation in Switzerland.[1] The company formalized as SAP GmbH in 1976, employing 25 staff and generating DM 3.81 million in revenue that year.[1] By 1977, operations relocated to Walldorf, Germany, where SAP hosted its inaugural customer events to demonstrate software capabilities. Development accelerated in 1978 with the initiation of R/2, the second-generation mainframe-based system, amid growth to 60 employees; R/2 enhanced integration across finance, logistics, and human resources. In 1980, with approximately 80 employees, SAP moved into its first dedicated office building in Walldorf, though co-founder Claus Wellenreuther departed that year.[1][2] These early advancements positioned SAP as a pioneer in real-time enterprise software, laying the groundwork for broader adoption in the 1980s.[1]Global Expansion and Standardization
SAP's initial foray into international markets occurred in 1975, when it installed its software for the first time outside Germany at Swiss customers Coop and Georg Fischer, marking the beginning of its global presence.[2] By 1982, over 250 companies in Austria, Germany, and Switzerland deployed SAP software.[11] This European focus expanded with the establishment of its first international subsidiary, SAP (Schweiz) AG, and SAP (International) AG in Biel, Switzerland, in 1984, aimed at boosting sales abroad.[11] The late 1980s saw accelerated expansion, with subsidiaries opened in Austria (1986), followed by France, the Netherlands, Spain, and the United Kingdom (1987), and Denmark, Italy, Sweden, and the United States (1988).[11] In 1989, SAP entered Asia with a subsidiary in Singapore, alongside outposts in Australia and Canada, managing 12 international subsidiaries through SAP (International) AG; revenues approached DM370 million across 15 countries that year.[11] By 1991, SAP had customers in 31 countries and 14 international subsidiaries, with operations extending to China (Beijing, Shanghai, Tianjin) and Latin America (Mexico City subsidiary) by 1994.[12] The launch of SAP R/3 in 1992 was pivotal for both expansion and standardization, as its client-server architecture enabled scalable, multiplatform deployment, supporting standardized business processes across global enterprises and smoothing integration into a globalized economy.[2] R/3's modular design, initially prototyped for financial accounting and materials management on UNIX systems, promoted uniform ERP practices by emphasizing configurable best-of-breed processes over bespoke customizations, facilitating multinational consistency in operations like supply chain and finance.[11] This propelled rapid adoption, with major clients such as IBM running global operations on R/3 by 1994 (its largest contract at the time), Coca-Cola implementing it in 1996, and 81% of 1997 revenues (DM6.02 billion) derived from outside Germany; by 2000, SAP operated in over 50 countries with a workforce exceeding 24,000.[12]Shift to Cloud and Digital Innovation
In the mid-2010s, SAP accelerated its transition from on-premise ERP dominance to cloud-native architectures, driven by the need for scalability, real-time analytics, and reduced IT complexity for enterprises. The launch of SAP S/4HANA on February 3, 2015, at the New York Stock Exchange represented a foundational milestone, introducing a streamlined ERP suite powered by the in-memory SAP HANA database, which eliminated redundant aggregate tables from prior systems like ECC and enabled instantaneous data processing across finance, supply chain, and operations.[13] This shift addressed longstanding criticisms of legacy SAP software's rigidity and high maintenance costs, positioning the company to compete with agile cloud rivals like Salesforce and Workday.[14] SAP expanded S/4HANA into cloud deployments, with the public cloud edition rolling out incrementally from March 2016 onward, allowing subscription-based access to updated features without hardware investments.[15] By 2021, SAP formalized its cloud migration strategy through RISE with SAP, a bundled offering combining S/4HANA Cloud, business process intelligence, and infrastructure from partners like AWS and Microsoft Azure, aimed at facilitating large-scale transitions for customers still on older ECC versions—many of which face end-of-support in 2027.[16] This initiative reflected SAP's recognition that on-premise installations, once comprising over 90% of its base, were yielding to hybrid and public cloud models amid rising demand for remote accessibility and API integrations. Cloud revenue growth underscored the pivot's success: from representing a minority share in 2015, it surged to 58% of total sales by Q3 2025, with year-over-year increases exceeding 25% for five consecutive quarters and Q3 2025 alone posting 27% growth to contribute to overall revenue of €9.01 billion.[17] [18] Complementing the cloud shift, SAP pursued digital innovation through embedded advanced technologies, integrating machine learning and AI directly into core applications for predictive analytics and automation. Initiatives like SAP Leonardo, introduced around 2017, incorporated IoT, blockchain, and big data tools to enable use cases such as supply chain traceability and fraud detection, with blockchain co-innovation programs launching that year to prototype decentralized applications for asset tracking.[19] More recently, SAP embedded generative AI via its Joule copilot across S/4HANA and the Business Technology Platform, automating tasks like contract analysis and demand forecasting, which drove S/4HANA Cloud growth rates above 90% in peak years like 2022.[20] These efforts aligned with broader enterprise demands for intelligent automation, though adoption has varied due to data privacy concerns and integration challenges with legacy systems.[21]Corporate Structure and Governance
Leadership and Organizational Hierarchy
SAP SE operates under a two-tier corporate governance structure mandated by German law for stock corporations, consisting of an Executive Board responsible for managing day-to-day operations and strategy execution, and a Supervisory Board that appoints, supervises, and advises the Executive Board.[22] The Executive Board, comprising six members as of 2025, is chaired by Chief Executive Officer Christian Klein, who holds ultimate responsibility for the company's overall direction, including corporate strategy, financial performance, and global operations.[23] Klein, who joined the Executive Board in 2018, served as co-CEO from October 2019 before assuming the sole CEO role in April 2020.[24] Key Executive Board members include Muhammad Alam, overseeing Product & Engineering; Dominik Asam, serving as Chief Financial Officer since joining in 2024; Thomas Saueressig, responsible for Technology & Innovation; Sebastian Steinhaeuser, leading Customer Operations; and Gina Vargiu-Breuer, handling Human Resources, Sustainability, and Real Estate.[25] In January 2025, SAP expanded its governance by forming an Extended Executive Board to emphasize AI-first and suite-first strategies, incorporating additional leaders such as those from Strategy & Operations, though these members report directly to Klein without full Executive Board voting rights.[26] This structure ensures centralized decision-making at the Executive Board level while delegating operational hierarchies across global regions, product lines, and functional units like cloud services and analytics. The Supervisory Board, with 16 members including employee representatives, provides oversight and meets regularly to review Executive Board reports on business performance, risk management, and compliance.[27] Chaired by Pekka Ala-Pietilä since 2021, the board includes figures such as Lars Lamadé as deputy chair, alongside independent experts like Aicha Evans and Prof. Dr. Ralf Herbrich, balancing shareholder interests with strategic input.[27] This hierarchical oversight aligns with SAP's emphasis on long-term innovation, as evidenced by board approvals for major investments in cloud migration and AI integration since 2020.[22]Ownership and Shareholder Dynamics
SAP SE exhibits a stable and dispersed ownership structure, characterized by a high free float of 83.8% as of December 31, 2024, excluding treasury stock and strategic investments.[28] The company's total issued share capital comprises 1,228,504,232 no-par value shares.[28] This free float level has remained consistent over multiple years, reflecting broad institutional and public investor participation without dominant controlling interests.[29] Founding shareholders and their affiliated entities retain notable influence through direct and indirect holdings totaling approximately 12-15% of shares. Hasso Plattner, a co-founder and chairman emeritus, holds about 6.2% (roughly 76 million shares) as of early 2024, positioning him as one of the largest individual stakeholders. Dietmar Hopp, another co-founder, personally owns 5.33% (62,103,267 shares), complemented by 5.37% (62,548,065 shares) held by the Dietmar Hopp Stiftung GmbH, for a combined stake exceeding 10%.[30] These founder-linked positions underscore long-term alignment with SAP's strategic direction, including continuity in governance and innovation focus, though individual sales have occurred periodically—such as Plattner's partial divestment of up to 60% of a 1.46 million share block in 2023.[31] Institutional investors dominate the free float, with BlackRock, Inc. as the largest at 6.92% (80,647,548 shares), followed by entities like The Vanguard Group and Capital Research & Management Co.[30][32] Overall institutional ownership hovers around 6-7%, indicative of diversified global exposure rather than concentrated activist pressure.[33] Shareholder dynamics remain subdued, with minimal recent shifts; minor insider transactions, such as directors selling small lots (e.g., 2,358 shares by Lars Lamade in April 2025), do not alter the structure materially.[34] SAP's consistent dividend policy, including a proposed €2.35 per share for fiscal 2024 (up €0.15), supports shareholder value amid stable returns exceeding 40% total shareholder return over the past year.[35][36] This equilibrium fosters predictability, with no evidence of contentious proxy battles or ownership challenges in recent filings.Products and Solutions
Core Enterprise Resource Planning Systems
SAP's core enterprise resource planning (ERP) systems integrate core business processes including finance, human resources, manufacturing, supply chain, and procurement into a unified platform for real-time operational management.[37] These systems originated with early financial and inventory modules in the 1970s, evolving into comprehensive ERP solutions that standardized data processing across enterprises.[2] The foundational core ERP system, SAP R/3, was released on July 6, 1992, introducing a client-server architecture that enabled multi-platform compatibility, real-time data processing, and scalability beyond mainframe limitations of prior systems like R/2.[2] R/3 supported modular applications for logistics, finance, and human resources, achieving widespread adoption by standardizing business operations globally and processing over 1,000 installations within years of launch.[2] This system marked SAP's shift to dominance in large-scale ERP, with enhancements continuing through versions like R/3 Enterprise until the mid-2000s.[2] SAP ERP, building on R/3, culminated in version 6.0 released in 2006, incorporating service-oriented architecture for better integration and flexibility, with the final enhancement package delivered in 2016.[2] The current core ERP, SAP S/4HANA, launched on February 3, 2015, as the successor optimized for the in-memory SAP HANA database, eliminating aggregate tables and enabling simplified data models for faster analytics and decision-making.[13] S/4HANA processes transactions and insights in real-time, supporting embedded AI for automation, predictive analytics, and process optimization across finance, sales, and supply chain modules.[37] Deployment options for S/4HANA include on-premises, public cloud, and private cloud editions, with the 2025 private cloud release emphasizing seamless data integration and AI-driven governance.[38] As SAP's digital core, it handles end-to-end operations for over 25,000 customers, reducing complexity by up to 50% compared to legacy ECC systems through intelligent technologies and preconfigured industry processes.[37] Maintenance for older core systems like ECC ends in 2027, driving migrations to S/4HANA for sustained innovation.[2]Cloud-Based and SaaS Offerings
SAP's transition to cloud-based and software-as-a-service (SaaS) models accelerated in the late 2000s, with the launch of its first dedicated cloud ERP offering, SAP Business ByDesign, in 2007, aimed at midmarket companies through a fully hosted, multi-tenant architecture.[39] This marked an early departure from its traditional on-premises dominance, though adoption grew more substantially in the 2010s via strategic acquisitions and native cloud developments, including the 2012 acquisition of Ariba for procurement SaaS and the integration of SuccessFactors for human capital management following its 2011 purchase.[40] By 2021, SAP formalized its cloud migration push with initiatives like RISE with SAP, bundling ERP, database, and infrastructure services to facilitate hybrid and full-cloud deployments.[40] Central to SAP's SaaS portfolio is SAP S/4HANA Cloud, a next-generation ERP system built on the in-memory HANA database, first announced in February 2015 and released in cloud edition by May 2015, enabling real-time analytics, simplified data models, and automated processes for finance, supply chain, and sales.[41] The public edition operates as a multi-tenant SaaS solution with biannual major updates, delivering embedded AI, machine learning, and industry-specific extensions while reducing customization needs compared to on-premises versions.[42] Complementing this, SAP SuccessFactors provides cloud-based human resources management, covering core HR, talent acquisition, performance tracking, and payroll in a unified platform accessible via web and mobile, with over 100 million users reported across its modules.[43][44] Other prominent SaaS offerings include SAP Ariba for end-to-end procurement, which connects buyers and suppliers on a network handling trillions in transaction volume annually, automating sourcing, contracts, invoicing, and compliance through AI-driven insights and supplier collaboration tools.[45][46] SAP Concur, acquired in 2014, delivers cloud expense management and travel booking, integrating with ERP systems for real-time policy enforcement and analytics. These solutions emphasize subscription-based pricing, scalability, and integration via SAP's Business Technology Platform, though critics note higher total costs for migrations from legacy systems and dependency on SAP's ecosystem for optimal performance.[47][48] As of 2024, cloud revenue constitutes a growing share of SAP's business, driven by these offerings' focus on agility over perpetual licenses.[39]Analytics, AI, and Industry-Specific Modules
SAP Analytics Cloud, launched in November 2015 initially as SAP Cloud for Analytics, serves as the company's primary platform for business intelligence, planning, and predictive analytics, unifying these capabilities in a cloud-based environment.[49] It supports data visualization, augmented analytics, and collaborative planning, with quarterly releases introducing enhancements such as improved AI-driven insights and integration with SAP Datasphere for advanced data management, as seen in the Q1 2025 preview features.[50] These updates enable real-time analytics and scenario modeling, processing large datasets to forecast outcomes based on historical patterns without requiring extensive custom coding.[51] In the realm of artificial intelligence, SAP integrates machine learning and generative AI through offerings like SAP Business AI, which embeds predictive algorithms into core processes such as demand forecasting and anomaly detection in SAP S/4HANA.[52] Central to this is Joule, an AI copilot announced in May 2024, designed to assist users across SAP applications by querying business data, automating workflows, and generating insights via natural language interfaces grounded in enterprise-specific contexts.[53] [54] SAP AI Core facilitates the full lifecycle management of AI models, including training and deployment on SAP Business Technology Platform, supporting scenarios like automated procurement decisions derived from ML-processed transaction data.[55] SAP provides over 27 industry-specific solutions that extend its ERP core with tailored modules addressing sector-unique requirements, such as regulatory compliance in healthcare or supply chain optimization in manufacturing, often leveraging embedded AI for predictive maintenance and personalized customer interactions.[56] These include SAP for Retail, which incorporates demand-sensing algorithms to manage inventory volatility, and solutions for oil, gas, and energy focusing on asset integrity analytics integrated with IoT data streams.[57] In S/4HANA, industry extensions enable customized processes, for instance, in life sciences for batch traceability and quality management, drawing on real-time data to minimize compliance risks without altering the underlying ERP architecture.[58]Acquisitions and Strategic Growth
Major Historical Acquisitions
SAP's strategy of acquisitions has been instrumental in expanding its capabilities beyond core ERP systems into analytics, mobility, human capital management, procurement, and cloud services, with several multi-billion-dollar deals marking pivotal shifts in the company's portfolio during the 2000s and early 2010s.[2] These moves addressed gaps in organic development, particularly in emerging technologies like business intelligence and SaaS, enabling SAP to compete more effectively in diversified enterprise software markets.[59] In 2008, SAP completed the acquisition of Business Objects, a leading provider of business intelligence and enterprise performance management software, which positioned SAP as a market leader in these areas and integrated advanced reporting tools into its ecosystem.[59] The deal, announced in October 2007 for approximately €4.8 billion (about $6.8 billion), represented one of SAP's largest early investments in analytics capabilities.[60] [61] The 2010 acquisition of Sybase for $5.8 billion enhanced SAP's mobile and database technologies, allowing it to extend business applications to mobile users and strengthen in-memory computing foundations that later supported innovations like SAP HANA.[59] SAP acquired SuccessFactors at the end of 2011 for €2.5 billion (approximately $3.4 billion), gaining a cloud-based human capital management platform that accelerated its transition to SaaS offerings and expanded its human resources software footprint.[16] [62] In 2012, SAP purchased Ariba for $4.3 billion, incorporating a cloud-based supplier network and procurement solutions that bolstered its business-to-business e-commerce and end-to-end spend management capabilities.[16] [63] The 2014 acquisition of Concur for $8.3 billion, SAP's largest to date at the time, integrated travel and expense management into its portfolio, targeting the $1.2 trillion business travel market and reinforcing its business network strategy.[16]| Acquisition | Date Completed | Cost (USD) | Key Focus Area |
|---|---|---|---|
| Business Objects | 2008 | ~$6.8B | Business intelligence |
| Sybase | 2010 | $5.8B | Mobility and databases |
| SuccessFactors | 2011 | ~$3.4B | Cloud HCM |
| Ariba | 2012 | $4.3B | Procurement and supplier networks |
| Concur | 2014 | $8.3B | Travel and expense management |
Recent Acquisitions and Their Impacts
In 2023, SAP acquired LeanIX, a provider of enterprise architecture management software, to enhance its offerings in business process modeling and IT landscape visualization.[64] This acquisition integrated LeanIX's capabilities with SAP Signavio, enabling customers to better align IT strategies with business objectives through improved data governance and transformation planning.[65] The move supported SAP's push toward intelligent enterprise architectures, though integration challenges arose in harmonizing LeanIX's agile tools with SAP's established ERP ecosystem.[66] SAP completed the acquisition of WalkMe, a digital adoption platform, on September 12, 2024, for approximately $1.5 billion.[67] WalkMe's technology focuses on guiding users through software applications via in-app instructions and analytics, aiming to reduce onboarding times and boost adoption rates for SAP's cloud solutions like S/4HANA.[65] Post-acquisition, SAP reported early synergies in embedding WalkMe's features into its SuccessFactors HCM suite, potentially increasing user productivity by up to 30% in pilot implementations, though full realization depends on seamless API integrations amid concerns over data privacy compliance.[68] Most recently, on September 12, 2025, SAP finalized its purchase of SmartRecruiters, an AI-driven talent acquisition platform, following an announcement in August 2025.[69] This deal expands SAP's human capital management portfolio by incorporating SmartRecruiters' recruiting software, which uses machine learning for candidate sourcing and hiring workflows, directly integrating with SAP SuccessFactors to streamline end-to-end talent processes.[70] Analysts note that the acquisition addresses talent shortages in tech sectors by enhancing AI capabilities for predictive hiring, with projected revenue contributions from cross-selling to SAP's existing 400,000+ customer base, despite risks of cultural clashes in merging startup agility with enterprise-scale operations.[71] Overall, these acquisitions have accelerated SAP's revenue growth in cloud-based HR and analytics segments by 15-20% year-over-year in affected areas, reinforcing its competitive edge against rivals like Oracle and Workday through targeted innovation rather than broad consolidation.[66]Research, Development, and Innovation
R&D Investments and Global Labs
SAP allocates a substantial portion of its budget to research and development, with expenses reaching €6,514 million in 2024, marking a 3% increase from €6,324 million in 2023.[72] This represented 19.1% of total revenue under IFRS accounting, down from 20.3% the previous year, reflecting a strategic emphasis on innovation amid revenue growth.[73] The company's R&D efforts employ approximately 37,909 full-time equivalents as of September 2025, focusing on advancements in cloud computing, AI, and enterprise analytics.[6] The SAP Labs Network forms the backbone of these activities, encompassing major global research and development hubs across more than 20 countries and accounting for over 80% of SAP's worldwide development workforce.[74] Primary locations include the headquarters in Walldorf, Germany; development centers in Munich, Germany; multiple sites in the United States such as Palo Alto, California, and San Francisco; Bengaluru and Hyderabad in India; Montreal, Waterloo, and Vancouver in Canada; Ra'anana in Israel; and facilities in China.[75][76] These labs collaborate on product engineering, with India serving as one of the largest centers for global product distribution.[74] In August 2025, SAP announced an investment exceeding €150 million to establish a new R&D hub in Ho Chi Minh City, Vietnam, aimed at enhancing capabilities in AI, supply chain technologies, and regional innovation, joining its Southeast Asian operations.[77] This expansion underscores SAP's strategy to tap into emerging talent pools while maintaining a decentralized model that leverages local expertise for global software solutions.[78]Key Technological Breakthroughs
SAP R/3, released in 1992, represented a pivotal advancement in enterprise resource planning by introducing a client-server architecture that supported real-time data processing across multiple platforms and standardized business processes globally.[12][15] This shift from mainframe-based systems like R/2 enabled modular, scalable implementations that integrated core functions such as finance, logistics, and human resources, facilitating multinational operations and reducing data silos.[79] The development of SAP HANA, an in-memory database platform, marked another major innovation, with initial customer releases in late 2010 and broader availability by 2011.[80] HANA's columnar storage and in-memory processing allowed for real-time analytics and transaction processing, compressing weeks of data analysis into seconds by eliminating traditional disk-based I/O bottlenecks.[81] This breakthrough underpinned subsequent SAP applications, enabling predictive modeling and operational intelligence without separate data warehousing.[82] SAP S/4HANA, launched on February 3, 2015, integrated HANA directly into the ERP core, simplifying the data model by aggregating tables into structures like the Universal Journal for unified financial reporting. Key enhancements included embedded analytics for instant insights, elimination of aggregate tables for faster queries, and the adoption of SAP Fiori for intuitive, role-based user interfaces.[83] These innovations reduced complexity in deployments, improved decision-making speed, and supported intelligent automation, positioning S/4HANA as a next-generation ERP for digital transformation.Financial Performance
Revenue Trends and Profitability
SAP's revenue has exhibited steady growth over the past decade, with acceleration driven by the transition to cloud-based offerings, particularly since 2020. Annual revenue in euros reached €31.2 billion in 2023 and increased to approximately €33.8 billion in 2024, reflecting a compound annual growth rate of around 4-5% from 2020 to 2024 amid macroeconomic challenges including supply chain disruptions and inflation.[84] This growth intensified in 2025, with total revenue for the first nine months reaching €26.5 billion, up 9% year-over-year, fueled by a 25% surge in cloud revenue to €14.2 billion during the period.[85] The company's current cloud backlog stood at €18.84 billion as of September 2025, up 27% at constant currencies, signaling robust future revenue potential from subscription models.[18]| Year | Total Revenue (€ billion) | Cloud Revenue Growth (YoY %) | Notes |
|---|---|---|---|
| 2020 | 27.3 | N/A | Pre-cloud acceleration baseline.[86] |
| 2021 | 27.8 | ~10 | Initial pandemic recovery.[87] |
| 2022 | 31.2 | 15 | Hybrid model expansion.[88] |
| 2023 | 31.2 | 20 | Stagnant total due to license decline offset by cloud.[84] |
| 2024 | 33.8 | 25 | Cloud overtakes legacy segments.[87] |
| 2025 (proj.) | 36-37 | 21-22 (full year est.) | Low-end cloud guidance amid trade uncertainties.[89][90] |