As small and medium businesses (SMBs) and start-ups in India begin to embrace Cloud for their digital transformation, global tech major Oracle is witnessing growth at an unprecedented pace among them in the country, says a senior company executive.
"For the third time in a row, India has won the best performing region award in all of JAPAC (Japan and Asia-Pacific). We are signing on hundreds of new Cloud customers every year and witnessing strong growth in our Cloud revenue," Shailender Kumar, Managing Director, Oracle India, told IANS.
Some of the big Cloud clients for the Redwood Shores, California-based Oracle in the country are the State Bank of India (SBI), HDFC Bank, ICICI Bank and Persistent Systems, among other.
"Now even start-ups and mid-size firms have started to adopt Oracle Cloud," Kumar noted.
According to him, Blockchain — touted as one of the most promising transformative technologies — is witnessing a rapid adoption worldwide and Indian firms too are embracing the technology across industry sectors.
The Blockchain technology — based on distributed storage of data — has the potential to fundamentally change how every industry does business by making interactions more secure, transparent, efficient and cost-effective.
"Customers here in India have shown encouraging responses. Some are running pilot projects too. Moreover, Blockchain projects are quickly moving from pilot to production as enterprises and governments begin to see the inherent value of distributed ledgers and smart contracts," Kumar noted.
A Blockchain is a continuously growing list of records — called blocks — which are linked and secured using cryptography.
According to IT industry’s apex body Nasscom, by increasing productivity and reducing cost, Blockchain technology has the potential to create value of up to $5 billion in India in the next five years.
Worldwide spending on Blockchain solutions is forecast to reach $11.7 billion in 2022, according to International Data Corporation (IDC). In 2018, global blockchain spending is expected to hit $1.5 billion — double the amount spent in 2017.
According to the IDC, Blockchain spending will be led by the financial sector ($552 million in 2018), driven largely by rapid adoption in the banking industry.>