Julie Sweet
Chair & Chief Executive Officer at Accenture
Thank you, KC. Our FY '24 growth was driven by our clients seeking to reinvent using tech, data, AI and new ways of working. Reinvention requires a strong digital core. In FY '25, a significant driver of our growth will continue to be helping our clients with digital transformation, including building out their digital core and using it to drive productivity and growth. We see the advent of GenAI and its tremendous potential acting as a catalyst for reinvention. Our clients turn to us for our unique combination of services across Strategy, Consulting, Song, Industry X, Technology and Operations.
Our strategists and deep industry functional customer and technology consultants work hand-in-hand with our clients and across services to shape and deliver these reinventions. Our investments in our advanced platforms, our assets and solutions, our process expertise, the insights from our scale and diversification and our ability to both design and build the solutions, combined with our Managed Services are key differentiators for us.
At the same time, we see AI as the new digital. Like digital, AI is both the technology and a new way of working, and the full value will only come from strategies built on both productivity and growth. And it will be used in every part of the enterprise. We believe the introduction of GenAI signifies a transformative era that is set to drive growth for us and our clients over the next decade much like digital technology has in the last decade and continues to do so. As part of that, we expect that the work to prepare enterprise data, which is the fuel for AI will be an increasing part of our growth.
To accomplish reinvention and take advantage of AI, businesses need to focus on talent, their ability to access the best people at the right time, place and cost, the ability to be a talent creator to keep their people market-relevant and their ability to unlock the potential of their talent is critical. We see talent as a top C-suite agenda item. Today, our Managed Services are an important part of our clients' long-term talent strategy. Our ability to harness AI is helping them close talent gaps and our strong expertise across talent, change, HR and organizations differentiates all our services.
Our launch of LearnVantage, which provides comprehensive technology learning and training services, helps our clients' reskill and upskill their people so they can be a talent creator. Let me give you a few examples of the types of reinventions we are doing. In Financial Services, banking and insurance are on their reinvention journey while retirement services, a $15 billion global addressable market growing at about 6%, has lagged behind. We have invested to grow our capabilities and talent to capture this next wave of growth.
We are working with TIAA, the largest U.S. provider of lifetime income to accelerate the transformation of the company's retirement recordkeeping capabilities and operations. Leveraging the power of AI, automation in the cloud, we are helping the company implement new technologies, making record-keeping processes more efficient over time and easier for their customers. Through this strategic partnership, we are supporting parts of TIAA's record-keeping operations, including back-end processes and technology.
For example, retirement plan sponsors will experience faster plan changes and participants will find it easier to initiate account openings and investment selections. Together, we are making retirement planning more accessible, efficient and personalized for individuals and clients, helping TIAA meet its mission of a more secure in [Phonetic] retirement for more Americans. Today, we work with 75% of the world's largest communication services providers.
With our strong industry and technology expertise, we are modernizing a global telecom's core IT operations to drive growth. Through our Managed Services program, we are consolidating IT vendors, increasing productivity by an estimated 60% and reducing cost by half. We are also infusing our GenAI tools to enhance the software development's life cycle and automate manual tasks such as resolving technical issues with customer orders, invoices or service availability. Now this will free up employees to focus on strategic growth initiatives and improve the overall customer experience.
We are also implementing new ways of working, and then we'll train and upscale the team to use the new GenAI tools more effectively, helping to create more profitable outcomes for the company. These changes will create a stronger management framework and prepare the company for expansion into new markets. Security continues to be one of the fastest-growing parts of our business, reaching $9 billion in revenue this year, representing 23% growth. We are partnering with the Kuwait Government Central Agency for Information Technology to revolutionize the security posture of its public services and national critical infrastructure.
We are implementing and managing a scalable platform powered by GenAI, enabling the agency to act on evolving cyber threats up to 60% quicker than with traditional technologies, including detection, response and containment models. In the past, security analysts manually research threats with limited information before handing the incident to the impacted government entity losing valuable time as its attack progressed. But now using a new platform, when analysts open a potential incident, they can quickly drill down into details about the users, systems under attack, type of attack and more with just one click.
Thanks to GenAI's ability to process significant amounts of data and automatically elaborate context as a threat is detected, we are supporting our experts in making faster decisions with confidence as we progressively onboard over 60 government entities and while we also develop local talent. The strategic collaboration underscores our commitment to safeguarding Kuwait's digital assets and empowering the nation's journey towards enhanced cybersecurity resilience.
A key area for companies to seek reinvention is in marketing, where the potential to use tech, data and creativity to drive growth, drive tangible outcomes for the enterprise. We are very proud to be working with HP, an American Multinational Information Technology company and a new global partnership to develop the right data sets, technology and creative for their B2B powerhouse business and brand that fulfills their goal to move away from the traditional agency model to true marketing capability transformation to significantly improve the impact, efficacy and efficiency of their marketing investment with the ability to drive tangible business results.
In every industry, there is a challenge or opportunity that GenAI can now uniquely solve. Our deep understanding of both the industry and the technology positions us to be the best at creating real value from GenAI with our clients. For example, in insurance, companies can't typically process 100% of their coverage submissions. This creates a bottleneck for revenue growth. The ability to leverage GenAI to read 100% of submissions allows insurance companies to better assess risk as well as quote and write more policies and do it all more quickly and cost effectively.
Utilizing a new set of solutions we created, we're working with QBE Insurance Group, a multinational insurance company headquartered in Sydney, to scale industry-leading AI-powered underwriting solutions, replicated across multiple lines of business to help the company to make faster and more accurate business decisions. A series of Board, executive level and all-employee learning sessions were conducted to help drive the design and build those solutions that analyze new business submissions for completeness, appetite check and risk evaluation insights.
They can now process 100% of submissions received from brokers, greatly accelerating market response time. After 9 months in market, these solutions are winning multiple industry innovation awards and early results indicate an increase in both quote to bind rate and premium. This collaboration will enable QBE Insurance Group to identify and select risk more effectively, improve broker and customer experience and support growth. We are collaborating with a major integrated downstream energy provider to drive significant improvements in safety, sustainability and operational performance with three new GenAI powered solutions.
We aim to continue to improve safety by using proactive insights from GenAI to inform planners of potential incidents instead of reactively waiting for specific warning signs to appear. This means 90% faster data access, reducing planning time from hours to minutes per test. Another solution will help detect methane leaks in real-time and prioritize their resolutions. We also helped build a smart solution for operators and process engineers to drive custom insights to optimize refinery performance and reduce downtime.
The energy provider is on a path to set a new industry standard for innovation and refinery operations. One of the most powerful impactful uses of GenAI today across industry is in consumer experience transformation. We are working with Mondelez International, a world leader in snacking with well-known brands like Oreo, BelVita and Cadbury, to transform their marketing organization with GenAI to help drive consumer behavior. As part of this program, we're standing up a refreshed operating model with a primary focus on upskilling their employees in GenAI technologies.
We are also helping enable a new capability to scale content creation and generate personalized text, images and videos across markets. This means exceptional creative can be developed in hours, not weeks, allowing content to be catered to consumers quickly as demands change. The strong digital core we established also allows the company to collect and process real-time data using GenAI to create new contextualized insights that can be easily accessed, shared and used by decision makers across the company. This work will increase the effectiveness and efficiency of messaging to create more impactful experiences.
Now let's turn to our acquisitions. Over the last decade, we have built a finely tuned acquisition capability, becoming known in the market as a good home with approximately 70% on average of our acquisitions sole sourced. While our ability to identify and evaluate our acquisitions is critical, it is our ability to integrate them successfully that has made our acquisition capabilities so formidable.
As we look forward, we are excited about the opportunity to better serve our clients and differentiate in the market to the acquisitions we've made this last fiscal year. As a reminder, we do acquisitions ultimately to drive our organic growth. Our global footprint, deep client relationships across industries as well as strong ecosystem gives us a unique perspective on growth opportunities. We use acquisitions to scale quickly in growth areas, to build new skills in adjacent markets and to deepen our technology, industry and functional expertise.
Over the years, acquisitions have built major areas of growth like what we call Song Today in our security practice. Here are a few examples of where we are investing now to lead in the next waves of growth. Starting with capital projects, an over $440 billion addressable global market growing approximately 5%. In FY '22, globally, we had approximately $300 million in capital projects revenue. We entered the U.S. market in FY '23 with the acquisition of Answer Advisory.
Since the beginning of FY '24, we expanded our reach into Canada with Comtech in Q1, and this Q4, we acquired BOSLAN in EMEA. We recognized over $800 million in revenue on capital projects this fiscal year '24. Health is an industry still early in digitization, where we see significant opportunity over the next decade. It is a $70 billion addressable global market growing approximately 6%. This year, we added Cognizante [Phonetic] in the U.S., creating a new federal health portfolio in our federal service business. We also acquired Nautilus Consulting in the UK, a digital consultancy specializing in electronic patient records.
And we announced our intent to acquire consus.health, a healthcare consultancy in Germany that offer services ranging from medical strategy and patient management to procurement and logistics, infrastructure management and construction planning services. And in Europe, Public Service, an industry that is early in digitization with significant investment allocated for transformation, our acquisitions are accelerating our growth and setting us up to take share in a $46 billion market that is growing approximately 5%.
We acquired Arns [Phonetic], Aris in Germany, a technology services provider supporting the public sector transformation across Europe. In Italy, we acquired Intellera Consulting, one of Italy's main professional services providers operating the public administration and healthcare sectors, and Customer Management IT and SirfinPA jointly owned consultancies, supporting the public sector and specializing in justice and public safety.
Now it gives me great pleasure to hand over to Angie Park, who'll become our new CFO on December 1, who will take us through our guidance for FY '25. Angie?
