Los Angeles, Nov 5 (IANS): Adobe's stock went up after the software major announced robust earnings forecast for its fiscal 2020 that exceeded analysts' expectations.

The total addressable market for Adobe Experience Cloud is expected to increase to $84 billion by 2022, driven by increased demand for data and insights, content and personalisation, commerce, customer journey management and advertising, Adobe said on Monday.

The company forecasts revenue to reach $13.15 billion in the year beginning December 1 and digital Media segment revenue to grow over 19 per cent (year-over-year).

"Our strategy to unleash creativity, accelerate document productivity and power digital businesses is driving our growth and represents a $128 billion opportunity in 2022," said Shantanu Narayen, President and CEO, Adobe.

"Our expanding universe of customers, strong global brand, market-leading products and continued innovation positions us for a stellar 2020," he added.

At its core, Adobe's Creative Cloud strategy is about unleashing creativity for all, which is driving an increase in Creative Cloud total addressable market for 2022 to approximately $31 billion across creative professionals, communicators and consumers.

Adobe continues to benefit from the paper-to-digital transformation.

With trillions of PDFs created every year and approximately two billion Adobe mobile and reader users, the total addressable market for Adobe Document Cloud is expected to grow to $13 billion by 2022, said the software major.

Based on strong quarter-to-date performance, Adobe indicated it is raising its Q4 fiscal year 2019 Digital Media net new annualized recurring revenue (ARR) target to approximately $475 million, an increase of $25 million above its prior target.

Adobe also affirmed it is on track to achieve Q4 revenue of $2.97 billion.