It includes competition from traditional rivals, emerging AI players, large language model developers, and a prevailing market narrative that will be difficult to overcome, adds the analyst. The analyst says that their second-half fiscal 2025 CIO survey signals headwinds for Adobe, with front-office segments, including digital marketing, losing priority over the next 12 months. Notably, sales and marketing budgets show a 16-point net decrease, and 13% of respondents expect reduced focus on front-office applications.