Global technology major Oracle is betting big on India. It announced the launch of cloud services from its India data centre. The move is aimed at helping Oracle’s existing and new customers, including those operating in sectors that are bound by the country’s regulatory environment to store data within the country’s borders such as the public sector undertakings or banking and telecom companies to take advantage of Oracle’s full stack of offerings.

It formally opened up its Oracle Cloud Applications through its “Gen 2” Cloud region in Mumbai, which became operational in December.

Oracle cloud applications are on a growth path in India. Over the past four years the business has been experiencing double digit growth. Arun Khehar, Senior VP Business Applications ECEMEA, Oracle says: “Our SaaS growth in India has been strong and I see it multiplying manifold in the next few years. Oracle Cloud Applications are already powering thousands of India’s largest, successful enterprises. Now with Oracle SaaS going live in the India datacenter, we open doors for India’s emerging businesses to take full advantage of Oracle Cloud Applications – to help them innovate, scale and become India’s new success stories. We believe we can have a strong partnership for success to propel India’s economy.”

Kehar predicts that over the next three years, there will be no on premise applications as not just large businesses, but also small and medium enterprises (SMEs) will move to the cloud. “It will be quite like power, where you pay as you use.”

Oracle offers over 600 applications on the cloud. Cloud application services (SaaS) is set to be on pace to be the fastest-growing market segment in India in 2019, accounting for nearly half of total public cloud services revenue year over year. SaaS revenue is estimated to grow 23 percent in 2019 to reach $1.15 billion according to a Gartner report. It is followed by cloud system infrastructure services (Iaas) spending, which is estimated to grow 22% in 2019.

Kehar said Oracle has over 1,000 customers in India and employs close to 40,000 people in the country. The new customers include Adani Group, Apollo Tyres, All India Council for Technical Education (AICTE), Aurobindo Pharma, Bajaj Electricals, Bajaj Finance, Bharti Airtel, Century Textiles,, Dalmia Group, Edelweiss Financial Services, Gangaram Hospitals, Grasim (Aditya Birla Group), IDFC First Bank, KLAY Chain of Preschools, Ola Cabs, OYO Rooms, Reliance Capital, Tata Sons, Unilever and Yes Bank.

Oracle Cloud has opened 12 regions in the past year and currently operates 16 regions globally — 11 commercial and five government. To support its customers around the world, Oracle said it is planning to launch 20 new Oracle Cloud regions by the end of 2020, for a total of 36 Oracle Cloud Infrastructure regions.

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