Technology major Oracle has recorded 50 per cent y-o-y growth in cloud consumption in Q2FY24, as adoption across sectors grows in the region, said top company executives.

Under its cloud infrastructure business (OCI), the Cloud@Customer offering grew 380 per cent y-o-y in Q2FY24, and the SMB business witnessed over 70 per cent y-o-y consistent growth in consumption for the past three years. While traditionally dominant sectors like BFSI, telecom, and the public sector continue to grow, sectors like healthcare, BFSI, manufacturing, telecom, education, etc. are leveraging the Oracle cloud, giving the company diverse growth vectors.

“Our cloud regions in Mumbai and Hyderabad are running at full capacity, with customers deriving business benefits of scale, price, performance, and reduced costs — it’s multicloud or hybrid cloud. Our next-gen technologies like AI, ML, and edge computing will help our customers unlock new possibilities for automation and intelligent cloud solutions,” said Srikanth Doranadula, Group Vice President, Technology, Oracle India.

Oracle is driving change in industries and dominating some of the biggest transformations in India, be it in banks, insurance, UPI, fintech, NBFCs, the public sector, telco, digital natives, or education, he added.

The growing demand for modernisation, the infusion of AI-powered technologies, the emergence of multi-cloud and hybrid cloud environments, the need for data security, need to improve efficiency and productivity, and speed to market are all contributing to heightened demand for Oracle Cloud, said the company.

Under its applications business, the company said its fusion applications saw double-digit growth in H1FY24, with continuous growth riding on 43 per cent in Q4FY23. Within SaaS, ERP contributed 34 per cent growth in H1 FY24 y-o-y.

The second quarter has been the third consecutive quarter of growth for Oracle Fusion Cloud Business. Revenues from net new customers were 28 per cent in the quarter. While overall growth stood at 13 per cent, core ERP growth stood at 14 per cent.

Deepa Param Singhal, Vice President, Cloud Applications, Oracle India, said, “Generative AI is riding on the paradigm shift to reshape industries, amplify human capabilities and creativity, and aid in redefining the fabric of work. Our goal is to help customers leverage AI to optimize costs and performance and minimize the need for human action. We are bullish of sectors like healthcare, e-commerce, IT services, BFSI, and the public sector; they are all modernising at a rapid pace.”