Zoho Forecasts India to Become Its Largest Market in the Next Decade
- ByStartupStory | October 10, 2023
Zoho Corporation, a Chennai-based software company, anticipates that India will emerge as its largest market over the next ten years. This expectation is based on India’s rapid growth and demographic dividend.
Sridhar Vembu, the founder and CEO of Zoho, highlighted the significance of India as a growing market for the company. Currently, India ranks as the third-largest market for Zoho, following the United States and the European Union.
Vembu expressed his optimism about India’s potential, underlining its demographic advantage. India witnessed over 20 million childbirths last year, surpassing the combined numbers of the United States, China, Japan, and South Korea. Vembu emphasized that India’s ascent to the top market position for global companies is inevitable.
Praval Singh, Vice President of Marketing and Customer Experience at Zoho, noted that the company has been attracting business from customers seeking affordable solutions, particularly as financial resources have become scarcer. Clients are increasingly focused on optimizing both cost and value.
Vembu cautioned against relying on traditional business projections in light of current global uncertainties, mentioning concerns about geopolitical and demographic factors. He suggested monitoring trends on a week-to-week or month-to-month basis.
Last week, Vembu had tweeted about a slowdown in Zoho’s growth across various countries and products in September. This deceleration in growth across diverse revenue streams led him to speculate about the global economy’s direction.
On Monday, Zoho launched additional features for its workplace collaboration platform, Cliq. These include the expansion of custom low-code app capabilities, video conferencing for Android TVs, and an e-discovery module. Zoho aims to capitalize on the workplace app market, despite competition from Microsoft Teams and Salesforce Slack. The company highlighted its product’s superior user interface and noted a 30% increase in user migration from Slack and MS Teams in 2022.
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The revenue of the Indian collaboration software market is projected to reach $275.50 million by 2028, according to a Statistica report.
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