Newgen Software Technologies Ltd Management Discussions

Company Overview

Newgen Software Technologies Ltd. is a provider of enterprise-wide AI-enabled unified digital transformation platform with native process automation, content services, customer engagement, intelligence and low code capabilities that drives end-to-end automation. Large enterprises globally leverage Newgens industry recognized technologies to innovate and transform their operations, to serve their customers better and faster. Newgen focuses on delivering best-in-class platforms and solutions to its global clientele, thus facilitating their digital initiatives, streamlining operations and improving customer experiences. Newgen has been at the forefront of transforming businesses for around 500 active customers across 77 countries. With a marquee clientele from across the globe including India, USA, Canada, UAE, Saudi Arabia, UK, Philippines, Indonesia, Singapore and Australia, the Company offers enterprise solutions tailored to the needs of different business verticals. Newgen has emerged as a preferred partner for leading banks, insurance firms, healthcare organizations, governments, telecom companies, shared service centres and BPOs worldwide. Complex industry-specific vertical solutions and use cases can be developed on the Companys low-code horizontal platforms, covering everything from onboarding, service requests, lending to underwriting, and beyond.

Newgen has been successfully certified and assessed for ISO 9001:2015 and ISO 27001:2022. It is also Great Place to Work Certified. During the year, Newgen continued to be recognized by industry analysts including Gartner in the Magic Quadrants and Forrester in the Wave reports. The Company was recognized as:

A ‘Niche Player in Gartner? Magic Quadrant™ and Critical Capabilities for Enterprise Low-Code Application Platforms, October 2024

A ‘Leader in the Forrester Wave^TM: Content Platforms, Q1 2025

The Forrester Wave™: Task-Centric Automation Software, Q4 2024 The Company has also been recognised in various Landscapes and Market Guides including:

Forresters The Content Platforms Landscape, 2024 on September 17^th, 2024

Forresters The Low-Code Platforms for Professional Developers Landscape, Q4 2024 on 23^rd December 2024

Forresters The Task-Centric Automation Software Landscape, Q3 2024 on 19^th July 2024

Forresters The Master Data Management Solutions Landscape, Q1 2025

Gartner? Market Guide for State and Local Government Grant Management Solutions, on 6^th May 2024

Gartner? Market Guide for Commercial Loan Origination Solutions on 9^th September 2024 The Company is focused on continuous innovation and technology absorption to develop and deliver beneficial platforms and solutions. As of date Newgen filed for 55 patents and has been granted 25 patents across India and US. Moreover, in line with the commitment to leading-edge technology adoption, Newgen has seamlessly integrated emerging technologies such as Robotic Process Automation (RPA), Cloud, AI, ML and Generative AI into its platforms and solutions.

The Company has launched AI agents focused on growth and Application Development and productivity called LumYn, Harper, and Marvin for smarter and faster application development, improved market effectiveness, real-time extraction of insights, and next-level content automation. The Company has a resilient business model in place with large annuity revenue streams and diversification across customers, and geographies. Moreover, the Companys solutions are of mission critical nature for the long-term customers forming the backbone of their operations.

Our Platforms

NewgenONE Platform

NewgenONE is a unified AI-enabled low-code platform for end-to-end automation at scale for enterprises. It facilitates seamless information flow across the organization by connecting the front-office, mid-office, and back-office. Moreover, the platform drives intelligence into operations for rapid innovation and responsiveness. NewgenONE includes and integrates, cutting-edge technologies across process, content, communication, intelligence and low code – all delivered through a single, unified platform.

AI Contextual Content Services (ECM), AI powered Process Automation (BPM), AI Omnichannel Customer Engagement (CCM), AI Low Code Application Development, Agentic AI and Artificial Intelligence and Data Science, are the main offerings of the NewgenONE platform. Newgen has seamlessly integrated emerging technologies such as Robotic Process Automation (RPA), Cloud, AI & ML and Generative AI into its platforms and solutions.

AI Contextual Content Services (ECM)

The platform efficiently manages the content lifecycle with AI, ensuring secure access to content anytime, anywhere. The platform offers smart tools to capture content from multiple sources, manages it in a secure centralized repository, and makes information accessible across content-centric processes. It offers flexibility to access or deliver content via mobile and cloud, creating a highly connected and digital workplace. Furthermore, it helps enterprises mitigate business risks by ensuring compliance with various regulatory requirements and by securing business business-critical information.

AI-powered Process Automation (BPM)

The platform rapidly automates end-to-end customer journeys with AI for smarter operations and transformed experiences. It helps in designing, executing, monitoring, and optimizing processes that helps in decreasing process turnaround time, streamlining business processes, providing contextual information, and delivering an omnichannel experience to satisfy the requirements of customers.

AI Omnichannel Customer Engagement (CCM)

The platforms primary aim is to facilitate real-time, personalised engagement through AI across multiple touchpoints. It enables enterprises to interact with customers through their preferred channels, providing full control and visibility across the organization.

AI Low Code Application Development

Low Code Application Development helps in rapidly composing complex mission-critical applications with enterprise-grade sturdiness and built-in agility for change by leveraging low code across process, content, communication, and AI.

Newgen Agentic AI engages with businesses to resolve challenges across customer journeys. The agents enhance conversions, elevate customer experience, deliver personalized interactions, and boost productivity across customer journeys.

Artificial Intelligence and Data Science

Newgen, with its AI Cloud platform, automates the entire life cycle of data science projects. By leveraging an intuitive AI Studio, the platform increases productivity, fosters collaboration, and speeds up data science project execution to accelerate data to insights journey.

Our Solutions

The purpose-built solutions, built on the Companys platform and deployed on cloud, on-premises, or in a hybrid environment, can help streamline end-to-end processes and future-proof an organization. The Company provides vertical solutions in Banking and Financial Services, Insurance, Government/ PSU, Healthcare, Shared services and other industries.

Industry Overview

The global digital transformation market is experiencing rapid and sustained growth, driven by the convergence of advanced technologies such as artificial intelligence (AI), cloud computing, Internet of Things (IoT), big data analytics, and automation.

With growing digital transformation across the world, the demand for improved customer experiences and personalised communications continue to rise. Many enterprises now prefer low-code platforms due to their undeniable benefits and efficiency. Hyper-automation, which combines technologies like robotic process automation (RPA), artificial intelligence (AI), machine learning (ML) and low-code platforms, is also gaining traction. Key drivers include the digitalisation of traditional manufacturing, increasing adoption of AI/ ML technologies and the need for process optimization across industries. The demand for process-agnostic software also continues to be high due to growing digital transformation of enterprises.

Worldwide IT spending is expected to total $5.6 trillion in 2025, an increase of 9.8% from 2024, according to the latest forecast by Gartner, Inc.

Worldwide IT Spending Forecast (Millions of U.S. Dollars)

	2024 Spending	2024 Growth (%)	2025 Spending	2025 Growth (%)
Data Center Systems	329,132	39.4	405,505	23.2
Devices	734,162	6.0	810,234	10.4
Software	1,091,569	12.0	1,246,842	14.2
IT Services	1,588,121	5.6	1,731,467	9.0
Communications Services	1,371,787	2.3	1,423,746	3.8
Overall IT	5,114,771	7.7	5,617,795	9.8

https://www.gartner.com/en/newsroom/press-releases/2025-01-21-gartner-forecasts-worldwide-it-spending-to-grow-9-point-8-percent-in-2025 According to Gartner Market Estimates, the global content services platform market is estimated at $8.4 billion in 2024. (*1) The business process automation market is estimated at $2.8 billion in 2024. (*2) The all-encompassing Process-Agnostic Software that enables Hyperautomation market is estimated at $ 66 billion in 2024 (*3). It forecasts that Content services platform market will be $10.6 billion by 2028. (*1) The business process automation market is estimated to reach $3.4 billion by 2028. (*2). The all-encompassing Hyperautomation market is estimated to be $119 billion by 2028 (*3).

Financial performance

Consolidated financials in _ lakhs

(All amounts in INR lakhs)	FY 2025	FY 2024
Revenue
Revenue from operations	148,687.92	1,24,382.86
Other income	6,357.59	4,806.43
Total revenue	155,045.51	1,29,189.29
Expenses
Employee benefits	74,104.38	62,831.43
Finance costs	477.20	418.18
Depreciation and amortization	3,304.13	2,796.77
Other expenses	36,963.01	32,720.42
Total expenses	114,848.72	98,766.80
Profit before tax	40,196.79	30,422.49
Profit after tax for the year	31,524.24	25,160.50
Other comprehensive income/(loss) for the year, net of income tax	354.49	-214.92
Total comprehensive income for the year	31,878.73	24,945.58

Revenue from operations

The Companys business has multiple revenue streams including: Annuity-based revenue: Periodic fees or charges from the following sources:

SaaS: It refers to on-premises subscription payments for licences related to cloud-deployed platforms.

ATS/AMC: It is a yearly fee for technical assistance, licence maintenance (including upgrades) and installation.

Support: It is the fee for services related to development and assistance.

Sale of software products: It denotes a one-time upfront license cost for the on-premises platform.

Sale of services: Services are sold with milestone-based fees for development and implementation as well as fees for scanning services.

On a consolidated basis, the Companys revenue from operations stood at H148,687.92 lakhs, increasing at 20% in FY25 as against H1,24,382.86 lakhs in FY24 reflecting strong financial performance, driven by robust growth across all markets especially APAC and USA. The Company witnessed growth in business from existing banking customers, as well as healthy new logo additions

- 62 in FY25. There has been a notable increase in the revenue per customer. For the year, the annuity-based revenues were at H83,374.86 lakhs, comprising 56% of the Companys revenues.

Segment-wise performance

In terms of geographies, APAC was the strongest growing market for Newgen during the year, witnessing 58.9% YoY growth, followed by USA growing at 20.3% YoY driven by customer journey transformations especially in the Banking and Financial services and Insurance sector. EMEA was the largest revenue contributor this year for Newgen and witnessed a growth of 11.0% YoY while the Indian market grew at 14.1% YoY.

The Banking and Financial Services vertical continued to be the largest contributor of revenue, comprising 71% of the revenues during the year, followed by Government/ PSU (7%), and Insurance and Healthcare (14%).

Profit and Margins

The Company reported EBITDA (adjusted for other income) of H37,620.53 in FY25 , as against H28,831.01 lakhs in FY24, witnessing a growth of 30.5% YoY. Profit after Tax stood at H31,524.24 in FY25, as against H25,160.50 lakhs in FY24, witnessing a growth of 25.3% YoY. The PAT Margin was at 21.2%.

Share Capital

During the financial year, the Authorised Share Capital of the Company stood at H18,010.00 lakhs. The issued, subscribed and paid-up equity share capital of the Company, as of March 31, 2025, is H14162.52 lakhs divided into 14,16,25,187 Equity shares of H10 each (including shares held by Newgen ESOP Trust).

Other Equity

Other Equity as of March 31, 2025, was H1,37,621.91 lakhs. The total retained earnings were at H122,556.59. lakhs. During the year, the Company earned a net profit of H31,524.24 lakhs. Newgen has declared a dividend of H5 per share.

Property, Plant and Equipment, Capital Work in Progress and Intangible Assets

As of March 31, 2025, property, plant and equipment stood at H17,216.45 lakhs against H16,452.32 lakhs, as of

March 31, 2024. This is largely on account of the purchase of additional computers for normal business activities, setting up of office premises and purchase of office assets. The right-of-use assets stood at H7,742.66 lakhs as against H7,063.44 lakhs as of March 31, 2024. The intangible assets of the Company are at H648.11 lakhs.

Investments

The aggregate fair value of investments in unquoted bonds and mutual funds is H50,839.62 lakhs.

Trade receivables

The trade receivables (net of allowances and credit impairments) as of March 31, 2025, are H55,667.98 lakhs, against H44,353.35 lakhs on March 31, 2024. During the year, Debtor Days (net) stood at 138 days as compared to 130 days in FY24.

Contract Assets

Contract Assets (unbilled revenue) represents amounts recognised based on services performed in advance of billing in accordance with contract terms. Contract Assets were H11,023.66 lakhs in FY25 compared to H7080.70 lakhs in FY24.

Cash and cash equivalent and other bank balances and Cash Flow

Cash and Cash Equivalents stood at H10,377 lakhs and other bank balances stood at H31,173.10 lakhs as of March 31, 2025. The Companys net cash generated from operating activities was at H21,497.67 lakhs in FY25, compared to H28,141.07 lakhs in FY24 .

Current liabilities

Current liabilities represent borrowings, trade payables, other financial liabilities, deferred income, short-term provisions and other current liabilities. As of March 31, 2025, the total current liabilities are H43230.62 lakhs ( H 37,958.90 lakhs as of March 31, 2024). Out of these, the deferred income comprises H22,006.42 lakhs.

Key financial ratios

Sr. No.	Particulars	FY 2025	FY 2024
1	EBITDA margin (%)	25.47%	23.18%
2	Net profit margin (%) on revenue	21.5%	20.23%
3	Return on Equity ratio (%)	23.01%	22.81%
4	Trade Receivable turnover ratio	2.92	3.10
5	Return on capital employed (%)	24.47%	23.18%

Opportunities and challenges

Opportunities

As companies continue to embark on digital transformation journeys, the demand for new and sophisticated software solutions is rising. Content management is at the core of digital transformation. With the Companys strong product portfolio and strategic investments in content management, process automation, customer communication enhanced by artificial intelligence and cloud capabilities, along with a skilled talent pool, Newgen is well-positioned tap the market opportunity. Continued adoption of cloud-based solutions, growing focus on regulatory compliance, and increasing demand for Generative AI, Artificial Intelligence and Machine Learning are expected to further expand opportunities for the Company.

Challenges

The Company addresses a range of challenges, including uncertain global economic conditions; shifts in fiscal, economic or political conditions globally, currency fluctuations, increasing competition; talent availability, changing technologies and evolving industry regulations, and increasing consolidation within the sector.

Risk Management

Risk		Description		Mitigation measures
Uncertain environment and business continuity Risk		Global economic uncertainties, recessions, currency exchange fluctuations and geopolitical tension may impact financial performance of a Company. Economic downturns could also lead to reduced customer spending on software solutions. In addition, natural calamities, man-made disasters, wars etc. may lead to disruption to the business, environment, and customer service. The Company faces a business continuity risk if it is unable to maintain uninterrupted operations across its clients, delivery locations, and supporting function.		As an organization, Newgen is committed to continuously monitoring and responding promptly and effectively to disruptive events in an increasingly complex and fast-changing global landscape.
				To deal with such market-specific risks, the Company endeavors to de-risk the geographical dependence and expand its clientele across geographies continuously both in traditional and mature markets. The Company has around 500 active clients across 77 countries. To deal with policy challenges, the Company has been giving an emphasis on growing its regional presence and hiring local talent, without compromising on economies of scales and cost. To deal with environmental changes, the Company has a Business Continuity plan in place to minimize the impact of interruptions to business.
Technology/ obsolescence, Cyber Security and Data Privacy Risk		Newgen operates in an industry characterized by rapid technological advancements, evolving delivery models and standards in software development and communications infrastructure, increasingly sophisticated customer expectations, and frequent product innovations and enhancements. Disruptive technologies such as AI, Cloud, Big data, social and smart devices are changing the way business is done. Failure to adapt or innovate in line with emerging technologies could result in competitive disadvantage. The Companys		The Companys constant investment in Research and Development (R&D) and intellectual properties ensures that it stays ahead of evolving technology trends and changes and helps the Company mitigate this risk.
				By actively monitoring and adapting to technological advancements, the Company remains agile and capable of leveraging emerging technologies, to improve its solutions and offerings.
Risk	Description		Mitigation measures
	success depends upon its ability to anticipate, design, develop, test, market, license and support new software products, services, and enhancements of current products and services on a timely basis in response to both competitive threats and evolving industry requirements, ensuring cyber security.		The Company maintains focus on cyber security to guard against the risk of cyberattacks, data privacy breach and digital risks. Newgen prioritises continued reinforcement of stringent security policies and procedures (ISO certifications), continuous monitoring, regular audits and robust security measures to safeguard its systems and data against potential threats that significantly reduce the likelihood and impact of cyber incidents. There is also rigorous focus on trainings/ awareness programs.
Regulatory and Compliance Risk	With increasing digital interconnectivity, the threat of cyberattacks, data breaches, and ransomware incidents remains a significant concern. Such breaches can result in loss of confidential data, legal liabilities, reputational damage, and financial loss.		Ongoing monitoring of global legal landscapes and regular audits help mitigate the risk.
	Evolving data protection laws (such as GDPR, HIPAA, and local data residency regulations as applicable) require ongoing compliance efforts.
	Non-compliance can lead to substantial fines, operational disruption, and reputational harm.
Operational Risks	These include project delays, service outages, quality control failures, and supply chain disruptions, which can adversely affect client satisfaction, revenues, and operational efficiency.		The Company has setup internal controls and mechanisms for monitoring and controlling such risks.
Intellectual Property Risks	Our value proposition is significantly tied to our proprietary technologies. Any failure to adequately protect our IP, or inadvertent infringement of third-party IP, can lead to costly litigation and erosion of competitive advantage.		The Company follows a strong patent, copyright, and trademark registration strategy. Moreover, ongoing trainings and advisories on IP and open- source licensing risks are provided from time to time.
Currency risk	With around 70% of revenues originating from international markets, Newgen is consistently vulnerable to unexpected fluctuations in exchange rates, which have the potential to impact the Companys revenue and profits.		The Company has implemented a comprehensive hedging strategy to effectively manage currency risks. Further, export collections and payments are made through EEFC account to avoid currency fluctuations.
Talent Management/ Attrition Risk	The Companys business depends largely upon its highly skilled technology professionals and its ability to hire, attract, motivate, retain and train these personnel. Any inability to maintain a skilled and motivated team of professionals or supply chain disruptions can affect the business.		The Company nurtures the existing talent and attracts new talent through Newgens various HR policies and initiatives. The Company also has a defined Employee Stock Option and Restricted Stock Units scheme.
Credit Risk	Customer credit risk refers to the potential of customers defaulting on their financial obligations.		The Company has credit guidance in place and the exposures to these credit risks are monitored on an ongoing basis. Credit risk is managed by the Company through credit approval, establishing credit limits and continuously monitoring the credit worthiness of customers to which the Company grants credit term in normal course of business. Credit limits are established for each customer and reviewed quarterly.
			The Company establishes an allowance for impairment that represents its expected credit losses in respect of trade receivables.

Our strategies

Newgens strategies are based on addressing the market opportunities in enterprise platforms for ECM, BPM and CCM products, and the low code and hyper-automation market, creating domain rich solution frameworks on the platform and using low code platform capabilities to create solution frameworks. These include:

Continuous Innovation

Newgen is committed to promoting innovation and continuous investment to enhance its offerings and rigorously works on expansion of the product portfolio through investments in advanced features and technologies. The Company prioritizes substantial investments in Research and Development (R&D) to expand the technology stack further and boost digital transformation for customers. As of March 31, 2025, Newgen has filed 55 patents and has been granted 25 patents across India and US. It has filed for 10 patents during the year. Moreover, in line with the Companys commitment to leading-edge technology adoption, Newgen has seamlessly integrated emerging technologies such as Robotic Process Automation (RPA), Cloud, AI, ML and Generative AI into its solutions. The Company has created AI agents for growth, application development and enhanced productivity. With a keen understanding of technology trends, the Companys development teams work closely with delivery functions to identify areas where Newgen can scale up the products and meet the needs of customers.

Expansion of business in traditional markets

The Company has a strong foothold in traditional markets of India, Middle East and Africa. The Company plans to get into deeper and long-term relationships with its customers in these markets through expanded offerings especially across Banking, Insurance and Government segments as well as tap newer market opportunities including Saudi Arabia.

Focus on attractive verticals in select mature markets

The Company plans to expand its market share across key geographies and solutions. Its platform is designed to be natively multi-lingual to address challenges in multinational organizations. Newgen has been operating in 77 countries and believes that it has a significant opportunity to continue to grow its international footprint. It is investing in direct and indirect sales channels, professional services, customer support and channel partners to expand the geographical footprint. The Company is working on brand initiatives, specific go-to-market strategy and customer journey led offerings for mature markets including USA, Europe, Canada and Australia. Through its direct and indirect sales channels, it plans to further grow the brand presence and partner with networks in these new markets. Newgen has a strong presence across regions in the banking, financial services and insurance verticals and intends to continue to expand the customer base in these verticals in select mature markets. The Company is specifically targeting larger sized banking customers in the mature markets.

Expansion of offerings in core verticals

The Company has used the platform to create vertical domain rich products in several verticals, including banking, government/PSU, BPO/IT, insurance and healthcare. While the platforms are industry-agnostic, investments have been made to enhance the expertise of sales and marketing for key industry verticals. Newgen believes that focusing on the digital transformation needs of organizations within these industry verticals can help drive adoption of the platform. The Company is deepening its focus on offerings within the insurance vertical.

Attract, develop and retain highly-skilled employees

The Companys employees are one of its most important assets. It focuses on the quality and level of service that the employees deliver by investing in recruitment, development, retention, maintenance of a culture of innovation and by creating both a challenging and rewarding work environment. Newgens talent development strategy focuses on engaging, motivating and developing a high performing workforce and aims to create and sustain a positive workplace culture for employees. Employee safety is of utmost importance to the organization. The Company has swiftly transitioned to a remote working environment while maintaining high levels of employee engagement. The Company has Employee Stock Option Schemes and Restricted Stock Units in place for talent retention.

Expansion through inorganic route

The Company may also explore, with extreme care, the inorganic route for expansion of product capabilities or market presence from time to time.

Internal control systems and their adequacy

The Companys systems of internal financial control comply with the requirement of Companies Act 2013. The explanation of the term ‘Internal Financial Control for the Company, goes beyond the context of section 134(5) (e) and includes policies and procedures adopted by the Company for ensuring the orderly and efficient conduct of its business and its financial reporting., Newgen internal controls are commensurate with its size and the nature of its operations. These have been designed to provide reasonable assurance regarding recording and providing reliable financial and operational information, complying with applicable statutes, safeguarding assets from unauthorised use, executing transactions with proper authorisation and ensuring compliance of corporate policies. In view of the above and for safeguarding the assets of the Company, preventing and detecting fraud or other irregularities and maintaining proper books of account and to ensure adequate internal financial control, the Company is already pursuing various Standard Operating Procedures (SOPs), Vigil Mechanism and Audit Mechanism (through Internal Audit for Financial year 2024-25, Secretarial Audit and Statutory Audit).

Newgen also undergoes periodic audit by specialised third party consultants and professionals for business specific compliances such as Quality Management, Information Security Management, among others. It has continued its efforts to align all its processes and controls with global best practices. The management assessed the effectiveness of the Companys internal control over financial reporting as of March 31, 2025. Walker Chandiok & Co LLP, Chartered Accountants, the statutory auditors of Newgen have audited the financial statements included in this annual report and also reported on our internal control over financial reporting (as defined in section 143 of Companies Act 2013). The Audit Committee reviews reports submitted by the management and audit reports submitted by PricewaterhouseCoopers Services LLP, internal auditors and Walker Chandiok & Co LLP, statutory auditors. The audit committee also meets Newgens Statutory Auditors as well as Internal Auditors to ascertain, interalia, their views on the adequacy of internal control systems and keeps the Board of Directors informed of its major observations periodically. Based on its evaluation (as defined in section 177 of the Companies Act 2013), the audit committee has concluded that, as of March 31, 2025, the internal financial controls were adequate and operating effectively.

Human Resource

The Company remains committed to creating an inclusive working environment that is conducive for achieving personal as well as professional goals. It has established policies to ensure employee welfare and align its people with the Companys culture and values. Significant efforts were made all year long to reinforce important organizational functions and create a motivating work culture and a cohesive team. Special emphasis is also laid on employee rewards and recognition as well as regular trainings. The Company has a strength of about 4600 people, on a consolidated basis, working towards achieving the long term objectives and goals of the organization. Our Great Place to Work Certification is another milestone towards our employee engagement and encouraging work culture.

Outlook

Newgen is steadily working towards executing its transformation charters and growth vision. This includes focused development and localisation of product offerings especially. Banking and Insurance, strengthening teams across domains, expanding in traditional and mature markets, in order to strengthen its presence and capitalise on emerging opportunities. The Company is also working on identifying process specific horizontal play to leverage the strength of NewgenONE. Newgens focus is on sustained growth through innovative solutions, enhanced market penetration and strategic diversification. These efforts may help position Newgen for continued success and leadership in an ever-changing platform landscape.

Cautionary statement

Managements discussion and analysis of the financial condition and results of operations include forward-looking statements based on certain assumptions and expectations of future events. The Company cannot assure that these assumptions and expectations are accurate. Although the Management has considered future risks as part of the discussions, future uncertainties are not limited to Management perceptions.

Sources of Market Information

1. Content Services Platform – Forecast: Enterprise Application Software, Worldwide, 2023-2029, 1Q25 Update : Published: March 2025 : Authors: Arunasree Cheparthi, Colin Fletcher, Robin Schumacher, Lisa Unden-Farboud, Sharat Menon, Nicholas Carter, Saikat Ray, Kelli Smith, Irina Guseva, Christian Canales, Brandon Medford, Amarendra, Shailendra Upadhyay and Varsha Mehta

2. Business Process – Forecast Analysis: Enterprise Infrastructure Software , Worldwide : Published: March 2025 : Authors: Arunasree Cheparthi, Colin Fletcher, Robin Schumacher, Lisa Unden-Farboud, Sharat Menon, Nicholas Carter, Saikat Ray, Kelli Smith, Irina Guseva, Christian Canales, Brandon Medford, Amarendra, Shailendra Upadhyay and Varsha Mehta

3. Hyperautomation – Forecast Analysis: Hyperautomation Enablement Software, Worldwide : Published: October 2024 : Authors: Cathy Tornbohm, Varsha Mehta,