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ICICI Securities Report
We have analysed the just-concluded quarter results of global SaaS companies with whom Indian IT players have ‘sellto' and ‘sell-with' partnerships. We observe:
CY24/FY25 revenue growth guidance issued by companies such as Salesforce, ServiceNow, Snowflake and Workday undershoots their growth rates recorded in CY23. While commentaries and guidance from these companies point to some improvement in client spending, partly triggered by AI adoption, they envisage the demand environment to remain akin to CY23 as clients focus on productivity improvement in CY24/FY25.
Clients are increasingly heeding to the necessity of architectural adjustments to their IT systems and data to actually take advantage of Gen AI.
This is evident in strong growth in data and cloud products of SaaS companies.
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