Oracle India has seen strong momentum in its Software-as-a-Service (SaaS) business, especially in India, making the country among the most significant contributors to revenue in the Asia Pacific region, a senior executive said.

Its Enterprise Resource Planning business was the growth driver within SaaS, growing at 70% in fiscal year 2022 (FY22), Deepa Param Singhal, vice president -applications, Oracle India told.

“The India Fusion applications business overall has grown 50% YoY in FY22. We are actually outpacing the market itself and acquiring market share from the competition,” she said.

In India, the company recorded double-digit growth rates over the past year, with ERP, CX (Customer Experience) and HCM (Human Capital Management) growing at 70%, 55% and 15%, respectively.

While manufacturing led growth for the ERP business, banking, IT and professional services contributed primarily to growth in the HCM business.

“Companies are coming to us with three things – the first is around rewriting their entire business process to be more agile; there is a strong focus on innovation and they want to remain relevant in this fast changing ecosystem,” said Singhal.

The company is also reporting increased demand from the government and public sector.

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“A lot of government departments are in various developmental stages where they're always looking for new ways to improve their service provisioning. There’s also a push towards the digital economy, so we are really scaling up our public sector business,” Singhal said.

Oracle has put together a dedicated team that will cater to the specific needs of these companies and help them innovate. Having a local data centre presence in India helps meet the stringent data residency requirements that most government entities have.

Going ahead, Singhal said the company would focus on capitalising on the SaaS business’ momentum.

“We have a very large installed base of customers, and everyone is talking about moving to the Cloud. We will have industry-specific teams who understand the challenges and provide specialised solutions,” she said.

Currently, a team is working with banks on how they can digitally acquire and communicate better with customers.