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21st Century Business Herald trainee reporter Lin Qiutong reports from Beijing

Recently, IT market research and consulting company IDC released the report "China's Financial Industry Distributed Transactional Database Market Share, 2023: Technology Verification Completed, Welcome High-Speed ​​Growth". The report shows that 2024 will be the year when distributed databases will enter a large-scale deployment phase, and distributed database vendors need to continue to polish core functions, expand ecosystem construction, train talents, and adapt to the differentiated needs of the financial industry.

According to the report, the overall market size of local deployment of distributed transactional databases in China's financial industry in 2023 will be approximately US$160 million, accounting for 70.1% of the overall market; the market size of distributed transactional databases in China's financial industry in 2023 will be approximately US$200 million, a year-on-year increase of 12.1%.

Due to its special industry requirements, the core transaction system of the financial industry can only be deployed in a localized manner to ensure the security and controllability of the data. Locally deployed application systems have higher construction standards for distributed transactional databases.

IDC China Research Manager Li Lingxiao pointed out in the report that the actual application value and feasibility of distributed transactional databases have been verified. With the consolidation of technical verification, not only small and medium-sized financial institutions, but also industries such as telecommunications operators, transportation, etc. that are highly dependent on databases and have similar business complexity will accelerate the transformation process.

OceanBase CEO Yang Bing also believes that digital transformation has become a "must-answer question" for all financial institutions. The essence of digital transformation is to use data to reshape traditional business and organizational models. With the development of the digital economy, the amount of data is jumping from TB level to PB and ZB level. Faced with such a huge amount of data, a modern data architecture can better support the digital transformation of financial institutions.

Wang Shuang, Vice President of OceanBase and General Manager of the Financial Government and Enterprise Division, said that the database needed by the financial industry in its digital transformation must meet two points: focus on the present and look to the future. On the one hand, the financial industry needs a 100% self-developed database that is self-controlled and self-developed to provide a backup; on the other hand, building a database requires a mainstream technology route, and distributed is definitely the future direction.

Lin Chunlai, chief database expert at the China Pacific Insurance Digital Intelligence Research Institute, believes that the digital transformation of databases cannot be completed independently by manufacturers and users alone. Leading financial companies need to provide core financial scenarios, and key manufacturers need to have R&D capabilities for database kernels. As for application transformation and product transformation, they need to be done reasonably from the perspective of stability and cost. Innovation is needed in this process. The innovation of methodology and tools needs to come from practice and go to practice, so that problems can be solved.

Currently, in the overall market structure of distributed databases, leading vendors account for 86.9% of the overall market share, of which OceanBase accounts for 17.1%.

In 2023, OceanBase ranked first in the overall market size of local deployment of distributed transactional databases in China's financial industry with a market share of 23.2%. Its financial industry revenue is RMB 270 million, ranking first among independent database vendors in the financial industry distributed database market.