SINGAPORE, Dec. 28, 2023 /PRNewswire/ -- OceanBase, a leading provider of enterprise-level distributed relational database, has received an Honorable Mention in the 2023 Gartner^® Magic Quadrant™ for Cloud Database Management Systems (Cloud DBMS). This recognition comes approximately one year after OceanBase launched OceanBase Cloud, its cloud DBMS product.

According to Gartner, "with continued innovation and increased breadth and depth of function, the cloud database management systems market continues to provide new benefits for businesses." In this report, Gartner evaluated vendors based on 15 criteria spread across two key dimensions: 'ability to execute'—encompassing criteria such as product or service, overall viability, and customer experience—and 'completeness of vision', which includes market understanding, business model, and innovation, among others.

Introduced in August 2022, OceanBase Cloud offers a fully managed database service that boasts elastic scalability, ultra-fast performance, and high compatibility across major global cloud infrastructures, including Amazon Web Services, Microsoft Azure, Google Cloud, and Alibaba Cloud. Operating across 30 availability zones in Asia, Europe, and America, OceanBase Cloud has already served over 200 customers, including SAIC Volkswagen, Li Auto, VIVO, Pop Mart, Haidilao, Kwai, Trip.com, GCash, and PalmPay.

PalmPay, a leading fintech platform in Africa, saw its core accounting database costs saved by 86%, and its financial history database costs by 71%, leading to an overall 80% reduction in monthly database related expenses, as a result of OceanBase Cloud integration.

Similarly, Haidilao, one of the world's most popular Chinese hotpot restaurant chains, experienced a 50% drop in database costs after integrating OceanBase Cloud. Additionally, its computational capacity for real-time analytics surged by as much as 45%, thereby enhancing the company's ability to gain operational insights more efficiently.

"We are honored to be mentioned in the 2023 Gartner^® Magic Quadrant™ for Cloud Database Management Systems," said Yang Bing, CEO of OceanBase. "We believe, this recognition, coming just one year after the launch of OceanBase Cloud, affirms our dedication to delivering innovative solutions that effectively address the real-world challenges faced by our customers."

"The overall database management system market saw strong growth of 14.4% in 2022 to reach $91 billion," according to Gartner's DBMS market data. "Database software now accounts for 12.9% of the overall software market. By the end of 2023, the DBMS market is expected to exceed $100 billion."

About OceanBaseLaunched in 2010, OceanBase is a distributed relational database. OceanBase's strengths over alternative solutions include strong data consistency, high availability, high performance, cost effectiveness, elastic scalability, and high compatibility with mainstream relational databases. It enables transactions and analytical queries with just one set of data engines, empowering real-time business intelligence.

To learn more, please visit: https://en.oceanbase.com/