Sopra Steria Raises Growth Target on AI and Cybersecurity Demand in Europe

French technology company Sopra Steria has revised its 2024 growth target upward, driven by strong demand for artificial intelligence (AI) and cybersecurity services in Europe. The company stated that increasing customer needs in these areas have boosted revenues faster than expected. With the new target, Sopra Steria forecasts organic revenue growth in the range of 5-7%, above the previously anticipated 3-5% range. This revision is supported by accelerating demand for cloud-based AI solutions and cybersecurity consulting services. The company expects sustainable growth in these segments due to the acceleration of digital transformation projects in the European market and regulations mandating cybersecurity investments. Sopra Steria's CEO emphasized that their expertise in AI and cybersecurity provides a competitive advantage. Analysts note that Sopra Steria's upward revision is a positive signal for the European technology sector, but macroeconomic uncertainties persist. The company expects this trend to continue in the second half of 2024. This is not investment advice.