The Indian economy has undergone fundamental changes as we transition to a data-led system and technology is playing a key role in this transformation. The Indian Software as a Service (SaaS) market is expanding fast as a part of this journey. It is anticipated that the SaaS market will grow at a CAGR of 27% over 2022-2027 to attain $15 billion in size by 2026.
Banking on large-scale growth of the SaaS market in India is cloud major Oracle, especially given government initiatives like ‘Digital India’ and ‘PM Gati Shakti’. Oracle’s growth strategy for FY23 has it betting big on the public sector. It is putting together a public sector team which will work across SaaS pillars to enable hyper-growth in India. “We are looking at hiring senior sales leaders and solution architects to support our strategy, as we anticipate high demand,” said Deepa Param Singhal, vice president, Applications, Oracle India.
Continuous SaaS momentum
SaaS applications have grown in popularity in recent years due to a variety of factors, such as cost-effectiveness, scalability, accessibility, and user-friendliness. Singhal said, “India is one of the fastest growing countries within the JAPAC region for Oracle. In India, the Fusion Applications business grew by 50% y-o-y in FY22”. Talking about product enhancements, she said, “The Oracle Unity Customer Data Platform is available in our India data centres. Our customers now have access to a top worldwide data platform like CX Unity. With the CDP hosted in India, regulated segments like BFSI and telecom, and state agencies can implement CX Unity. Additionally, our HR Payroll solution has been localised to address the needs of public sector enterprises.”
The key segments driving growth in HCM are BFSI, IT/ITes, and professional services, while partnerships with public sector and BFSI players are boosting growth in CX. Some of Oracle’s BFSI customers are Axis Bank, ICICI Bank, Federal Bank, Kotak Mahindra Bank, and SBI Card. The manufacturing sector is the largest contributor to ERP’s growth for Oracle.
Oracle’s focus for the financial year is on the ‘Public Sector and Regulatory markets’, as it starts to offer localised SaaS solutions like CX Unity and the HR India Payroll. “Our overall objective is to unleash hyper-growth in India, since drivers such as Citizen Engagement & Outreach, EASE – Banking Reform (PSU), Digitally Inclusive Bharat (Future Workforce), and Mission Mode Projects are promoting cloud adoption in the country,” said Singhal.
Bullish on growth
Oracle is putting together a public sector team which will work across SaaS pillars
SaaS applications have grown in popularity in recent years due to a variety of factors
India is one of the fastest growing countries within the JAPAC region for Oracle
Among the company’s BFSI customers are Axis Bank, ICICI Bank, and Kotak Mahindra Bank