Oracle to Double Artificial Intelligence Investments in India
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Texas-based computer technology giant Oracle is planning to double its investment in the emerging technology of artificial intelligence in India.
“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, said on the sidelines of the Oracle Data and AI Forum in Bengaluru.
“Our plans going forward in India is to double down investments and with a focus in data,” he added. Sunil Wahi, Vice-President of APAC Solution Engineering, Applications, Oracle terms India as one of the fastest growing markets for Oracle’s SaaS business.
In 2020, Oracle was the third-largest software company in the world by revenue and market capitalization. Recently, Oracle was reported to be investing over USD eight billion over the next 10 years in Japan for cloud computing and AI.
Last year, Srikanth Doranadula, Group Vice-President, Technology and Systems, Oracle India shared that the company wished to provide services to Indian organizations to develop AI models.
Oracle also launched the latest version of the database, the Oracle Database 23ai, to introduce Oracle AI Vector Search and over 300 new major features designed to make using AI with data easier.
“The new AI Vector Search features allow customers to securely search across documents, images, and other unstructured data along with private business data without having to move or duplicate this data. Oracle Database 23ai brings AI algorithms directly to where the data is stored, enhancing the speed, effectiveness, efficiency, and security of AI applications running in real-time in Oracle databases,” the company said in a statement.
“Oracle Database 23ai is a game changer for enterprises worldwide, and because of the importance of the breakthrough AI technology in this release, we are renaming it to Oracle Database 23ai,” said Juan Loaiza, executive V-P, mission-critical database technologies, Oracle.
Its Q3FY24 revenues were up by 7 per cent year-over-year in both USD and constant currency to USD13.3 billion.
