Despite fears of an economic slowdown in North America and Europe, these enterprise tech giants are reporting robust growth from India
Global technology giants such as Oracle, SAP and Accenture are reporting a steady growth in business over the past 12 months, notwithstanding fears of a possible slowdown in demand due to the recessionary trends visible in North America and Europe. However, there is no country specific data available for us to understand the quantum of growth.
Most of the above-mentioned companies are thriving due to the digital transformation efforts and a concomitant shift to cloud infrastructure among the large and medium enterprises in India, says a report published by ET. Most of the companies have reported double-digit growth rates in revenues from India over the past year.
Oracle makes a confident statement
On its part, Oracle is confident of a high growth momentum from India for their cloud services, which is expected to clock a 25% quarterly growth. The company is aiming to become the preferred choice for cloud services for enterprises across all sectors of the Indian economy. It reported a 100% growth in revenues from India for the cloud infrastructure unit, making it the third year in succession that they’ve shown such robust growth.
The trend, which possibly began at the peak of the Covid-19 pandemic, has witnessed a sustained acceleration with cloud computing and associated shifts among enterprises showing signs of significant acceleration thereafter. Companies were generating and consuming substantially higher levels of digital data, resulting in the need for the changeover.
Accenture sees robust consulting business
Another global brand that’s benefiting from this trend is Accenture, which has placed additional focus on cloud services in view of the cloud infrastructure and the data digitization trends. This has resulted in the company gaining market share in India at a quicker pace than ever before, with digital consulting also keeping pace with actual technology innovations.
The likes of Microsoft Azure, Amazon Web Services and Google Cloud are also significantly adding to their existing investments in order to expand their presence while companies that work on the sidelines to assist large and medium enterprises towards digital transformation are also benefiting from this trend.
While large corporations in North America and Europe may have kept expenditure on digital transformation in abeyance due to the recessionary trends, some Indian tech giants are holding out on the hope that even these giants would be forced to consolidate their vendors, which essentially means one or the other Indian brand would walk away with the extra cash.
SAP aims at Indian enterprises going overseas
German tech giant SAP has reported that a shade over 13% of their customers are based out of India now, making it one of their fastest-growing markets. The company, which had earmarked $500 million for growing its business in India, said the growth perceived in the country results from more and more Indian companies seeking to expand their businesses to other geographies. SAP is among the companies that perceive this as a major opportunity to grow their own business.
In fact, SAP executive board member Scott Russel said several top brands such as Tata Motors and Asian Paints were moving to the cloud as they charted out global expansion plans and this was resulting in SAP getting to showcase how technology can drive a strong narrative for these companies in terms of not just cloud computing but also digital transformation and agility.
He noted that the company was enhancing the role of its innovation labs operating out of India to fuel growth through its constant engagement with domestic startups and the digital native community that SAP is fostering. He revealed that the company could double its headcount in the innovation lab from the present 14,000 members by 2025.
However, these global big tech companies are under no illusion that these growth rates would continue if the global economy slips into depression around rising inflation rates, hardening oil prices and the continued impact of the Ukraine-Russia battle. For now, they believe that India is one economy that could buck this trend – at least for the short to medium term.