Oracle India SaaS Business Captured 43 Percent Growth in Q4 By CIOTechOutlook Team

Oracle India SaaS Business Captured 43 Percent Growth in Q4

CIOTechOutlook Team | Monday, 03 July 2023, 04:36 IST

In Q4 in India, the Software as a Service division of technology giant Oracle grew by 43%. India has been one of the JAPAC region's fastest-growing markets, according to Deepa Param Singhal, Vice-President Applications, as growth momentum grows across verticals and sectors.

The company's growth trajectory has been positive for all SaaS products. Its Enterprise Resource Planning, Human Capital Management, and Advertising and Customer Experience pillars all saw growth in Q4 of a combined 44%, 14%, and 131%. According to Singhal, the HCM business was the main driver of growth in India in FY23, growing by 20% YoY.

“India is providing the foundation of success for the overall JAPAC SaaS business. We are coming on two or three solid years in business, so we’ve had tremendous success i the last few years. Additionally, 35 per cent per cent of our revenue came from net new customers in FY23,” Singhal told businessline.

Global Oracle SaaS revenue increased to $3 billion in the fourth quarter, up 47% in constant currency. The overall revenue for the entire fiscal year was $50 billion, an increase of 22% in constant currency and 18% in dollars.

Firms are switching from a cloud-first to a cloud-only approach and depending more and more on contemporary applications to enhance their finance, human resources, supply chain, commerce, marketing, sales, and services capabilities, according to Singhal. The requirement for businesses to provide immediate service, guarantee outstanding experiences, and run flexible and effective operations, she said, is causing the sector to flourish.

Industries like healthcare, financial services, manufacturing, IT/ITeS, BFSI, and the public sector have all seen growth for Oracle India.