German software giant SAP said Tuesday it aims to lift annual revenues by around 50 percent to 26-28 billion euros ($30-32 billion) by 2020, thanks to cloud or Internet-based computing.
"SAP continues to expect fast growth in its cloud business," the company said in a statement, unveiling a sales projection for 2020 for the first time. "We had exceptional growth in our cloud business," in 2014, said chief financial officer Luka Mucic.
"We expect cloud subscriptions to exceed software license revenue in 2018. At that time SAP expects to reach a scale in its cloud business that will clear the way for accelerated operating profit expansion," he said.
Cloud computing is a way of delivering different services -- such as servers, storage and applications -- to an organisation's computers and devices through the Internet.
It can allow companies to reduce their investment in equipment and maintenance expenses.
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