Oracle sees its future in the cloud. The company recently introduced its second generation of cloud infrastructure products at the Oracle OpenWorld Conference in San Francisco. The latest products are aimed at third-party developers, enabling them to run their applications from Oracle data centers.

Speaking at the conference, Oracle co-founder and CTO Larry Ellison said that the company is set to provide serious competition to Amazon. Currently, Amazon is the leading player in the cloud infrastructure market. Besides Amazon, Microsoft and Google are also attempting to make a mark in the segment.

Among the various products Oracle released recently is the Dense IO Shape. Ellison said that this product's Input/Output capacity is 10 times higher than that of Amazon Web Services.

Fortune reported that Oracle is looking to boost its presence in the cloud Infrastructure as a Service (IaaS) segment. In the first quarter of this year, the company collected $171 million in revenue from its IaaS sector, up by seven percent on a year-over-year basis. However, Oracle lagged behind Amazon Web Services, which reported $2.89 billion in revenue from IaaS, showing a 58 percent growth on a year-over-year basis.

Oracle has a lot of catching up to do. According to Venture Beat, Oracle's public cloud was not mentioned in the latest edition of Gartner's Infrastructure as a Service (IaaS) Magic Quadrant. The authors of the report claim that "Oracle also does not have enough market share to qualify for inclusion."