2024 Outlook Assessment: Oracle
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Oracle’s 2023 fiscal year ended in May, and the vendor reported its highest annual revenue to date at $50B, up 22 percent from the previous year. The largest growth area was Oracle Cloud Infrastructure (OCI), up 77 percent in revenue compared to 2022. Nucleus attributes this increase to Oracle’s continued investments to expand its data region footprint and migration to OCI Gen 2 – 96 percent of customers leverage OCI Gen 2 in some capacity. Oracle’s key focus areas moving forward include the development of retail and healthcare functionality, lowering implementation and integration costs, embedding generative AI, and expanding the Oracle B2B program.
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