Oracle Plans To Increase Investments In India, Focus On AI & Data

Amid the generative artificial intelligence (Gen AI) boom, US-based tech giant Oracle is planning to increase its investments in India on AI and data.

“Oracle brings AI to the enterprise in software-as-a-service (SaaS) applications, AI services, data, and infrastructure,” Chris Chelliah, senior VP of technology and customer strategy at Oracle Japan and Asia Pacific, was quoted as saying by the Financial Express.

He said Oracle wants to double down on its investments in India, with a focus on data.

As per the report, the tech juggernaut recently unveiled the Oracle Database 23ai, featuring Oracle AI Vector Search.

Leveraging AI algorithms, the feature allows users to search for documents, images and private business data across Oracle databases in real-time.

Oracle’s new convergent database offers more than 300 additional features, aimed at simplifying the use of AI with data, accelerate app development, and increase the efficiency of mission-critical tasks.

Notably, Oracle reported a 7% year-on-year (YoY) rise in revenue in the quarter ended February 29, 2024 at $13.28 Bn, with the company’s cloud business emerging as the largest driver of revenue.

Meanwhile, Oracle is anticipated to invest about $10 Bn towards setting up new data centres as part of its global AI expansion plans.

The development comes at a time when a number of global big tech giants as well as Indian companies are setting up data centres in India.

Recently, Microsoft acquired a land parcel in Hyderabad to set up one of its biggest data centres in the region. Meta Platforms is also said to be likely to establish its first data centre in India at Reliance Industries’ Chennai campus.

Among the homegrown companies, AdaniConneX is looking to set up data centres in multiple Indian cities.

Meanwhile, the adoption of AI, GenAI in particular, has been on the rise in the country. While India is home to a number of AI startups, these startups are also seeing increasing interest from investors.

Tech magnate Azim Premji’s fund Premji Invest is planning to double down on its investments in AI companies. 

As per an Inc42 report, India’s GenAI market is estimated to grow at a CAGR of 48% to reach a size of $17 Bn by 2030 from $1.1 Bn in 2023.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.