Oracle India steady on double-digit growth path, says Prasad Rai

Oracle recently reported first quarter results for the financial year 2022. Total quarterly revenue rose 4 per cent to $9.7 billion

Over the last few years, Oracle India has witnessed double-digit growth, across all business lines, and its technology is helping customers grow faster, said Prasad Rai, vice-president, global strategic clients’ group, Oracle India. 

“Over the last few years, Oracle India has witnessed double-digit growth in business, across each and every line of business (be it applications, technology, hardware or NetSuite, among others). Both of its cloud regions in the nation are fully operational. We are witnessing strong year-on-year (YoY) growth in software-as-a-service (SaaS) revenue, making India one of Oracle’s most important revenue drivers in the Asia-Pacific,” said Rai. 

Oracle recently reported first quarter results for the financial year 2022. Its enterprise resource planning (ERP) revenue increased by 32 per cent, while NetSuite ERP revenue increased by 28 per cent. 

Total quarterly revenue rose 4 per cent to $9.7 billion, while cloud services and licensing revenue went up 6 per cent to $7.4 billion on a YoY basis.

Rai said several industries have made great progress in digital adoption during the pandemic.

These include healthcare and pharmaceuticals, banking, financial services and insurance (BFSI), manufacturing, retail, and e-commerce. 

“On the healthcare front, the pandemic has accelerated the transformation of healthcare in India with digital solutions led by artificial intelligence (AI)/machine learning (ML), virtual reality, augmented reality, and Internet of Things (IoT) becoming significant tools for healthcare providers.

The common denominator among all these industries is that they are proactively adopting cutting-edge technologies like AI/ML, blockchain, IoT and intelligent bots,” he added. 

Among the clients, Oracle works with organisations like Omega Healthcare, Shri Ganga Ram Hospital, India Life Insurance, Croma, SBI Card, Hindalco, Bausch & Lomb, and so on. 

To keep its customers safe, Oracle rolls out information four times a year to keep them updated with new technologies. It eliminates any issue they may be incurring as their business operations progress, Rai said. 

“Companies like Oracle are investing in integrating AI and machine learning into everything that we do, as there is an explosion of data in the world. It is critical for businesses to have the right kind of algorithms in place that can generate patterns, and then translate into AI so as to provide insights that would not have been possible otherwise,” he said. 

Rai also said that with growing digitisation, industries also face some challenges, including security breaches. And, on the healthcare side, challenges are around patient privacy, network blind spots, and process changes.

However, secured enterprise-grade solutions, such as the ones Oracle provides, are supporting them in overcoming these challenges. 

“New and emerging technologies are empowering insurance companies to personalise their products and services for their customers across the value chain. Technology adoption is inevitable. It can streamline the sector and integrate back-end with front-facing customer processes to create insights driven by IT systems,” said Anjana Rao, chief strategy officer, IndiaFirst Life Insurance.

“ The Indian e-commerce market is expected to reach $200 billion by 2026, up from $38.5 billion in 2017. Furthermore, the number of smartphone users is growing by the day, and the smartphone’s role in e-commerce traffic is becoming increasingly important. Another huge shift we are seeing is in consumer preferences. Over the past year, consumers have experienced a simplified way of retail in the form of e-commerce and this is expected to shape their future preferences too,” said Bharath Reddy, vice-president, IT, Flipkart Group.