Data storage systems provider Hitachi Vantara announced a substantial 63% Year-on-Year (YoY) growth in its revenues from India during the Financial Year 2022 (FY22). This surge underscores the company's dominance in the high-end data storage market, marking the third consecutive year of its leadership in the sector, said a statement.
The company's financial metrics in FY22 revealed that its product revenue in India witnessed a spike of 108%, reflecting a robust demand for its data infrastructure services and solutions. This momentum carried forward into Q1 FY23, with Hitachi Vantara recording a 55% YoY growth in revenue. Furthermore, the company said that product revenue during this quarter rose by 88%. Service revenues also showed promise, with a 16% YoY growth.
Hemant Tiwari, Managing Director, Hitachi Vantara in India, attributed this growth to the rising wave of the Digital India initiative and the firm's strategic investments in Indian data centers. Emphasizing the company's future outlook, Tiwari highlighted plans to delve deeper into hybrid cloud technology and broaden its sustainable product portfolio, especially considering India's anticipated 6% economic growth in 2023. He also disclosed that one-third of Hitachi Vantara's global workforce is located in India, and they have expansionary plans in the pipeline.
“As Digital India continues to gain momentum, we have witnessed tremendous growth for our business. With significant investment in India's data centres, we envision unique opportunities by collaborating with cloud service providers. Hitachi Vantara India will focus on accelerating hybrid cloud technology and expanding sustainable product portfolio. Recognising India's 6% economic growth potential in 2023, we will continue to invest and expand in the country. One-third of our global workforce is currently based in India and we will keep expanding our workforce in the coming years,” Tiwari said.
In FY22, the company's performance metrics showed that it notched a 41% YoY increment in its Enterprise business revenue. Simultaneously, its Commercial business revenue soared by an impressive 203%.
As part of its broader strategic initiatives, Hitachi Vantara has recently partnered with Microsoft to launch the Hitachi Unified Compute Platform (UCP) for Azure Stack HCI. Additionally, the company entered into a Memorandum of Understanding (MoU) with Hitachi India and the Central Manufacturing Technology Institute, Government of India, for smart manufacturing and IoT innovations.
In the IDC Worldwide Quarterly Enterprise Storage Systems Tracker for 2023Q1 (published in June 2023), the company maintained its top rank in the high-end storage segment, boasting a 51% market share in Q1CY23 and 35% in CY22. In the broader storage landscape for Q1 CY23, Hitachi Vantara secured the third spot, holding a 20% market share.