India Poised To Be Analog Devices’ Fastest-Growing Market, Say Senior Execs
In FY23 (previous fiscal year), Analog Devices made huge progress in India by, securing sales worth hundreds of millions of dollars for the first time
Semiconductor solutions company Analog Devices expects India to be its fastest growing market as it eyes USD 20 billion revenue milestone globally by 2030. The company achieved a global revenue milestone of USD 12.3 billion in the previous fiscal year.
Speaking at a briefing in Bengaluru on Wednesday, Srinivas Prasad, Senior Director & Site Head at Analog Devices India, stressed the company’s focus on expanding its India presence. “We continue to invest in assets, infrastructure, people, sales, and marketing, building roles that were not previously present,” Prasad said.
He underlined India’s strategic role in Analog Devices’ growth strategy, projecting the country to be the fastest-growing market, powered by R&D prowess and sales. “From our current base to our aspirations for 2030, India will play a crucial role,” he added.
In FY23 (previous fiscal year), Analog Devices made huge progress in India by, securing sales worth hundreds of millions of dollars for the first time, as disclosed in an earlier interview with BW Businessworld.
Vivek Tyagi, Managing Director – Sales at Analog Devices, echoed Prasad’s sentiments. “India is not only a focus market but also one of the fastest-growing opportunities for us,” Tyagi said.
He revealed that Analog Devices had enhanced its India operations significantly, increasing the sales and application team’s headcount by 30 per cent in the past eight months alone. The company is reportedly seeing noticeable traction in Automotive, Telecom and hearables & wearables segments in India.
In an earlier interview with BW Businessworld, the company noted that it would double its current headcount from 1500 to 3000 employees over the next seven years. This expansion will primarily focus on enhancing marketing efforts, sales capabilities and expanding design engineering resources.
The company, headquartered in the United States, identifies North America, Europe, Japan and China as its current top markets. However, Tyagi pointed to a possibility of India’s trajectory leading it to become one of the Analog Devices' top markets by 2030. “Looking at where India stands today and our projections for 2030, India’s growth trajectory is compelling,” he said.
