Bitnine, Leaps into the Overseas Graph DB Market

Analysis Report of the Korea IR Council

[Asia Economy Reporter Hyungsoo Park] The Korea IR Association Research Center on the 28th expressed expectations that Bitnine will benefit as attempts to reduce dependence on Oracle in the database market continue.

Kim Kyungmin, a researcher at the Korea IR Association, introduced, "Bitnine is the only company in Korea with outstanding technology in the relational and graph database sectors." He added, "Recently, a 탈(?) Oracle trend has emerged in cloud environments," and "interest in open source, cloud-optimized databases, and Korean-style database management systems is growing instead of Oracle software."

Bitnine provides graph database management software and services to Intel, the UN, KB Kookmin Bank, the Korea Customs Service, and others. It has various achievements not only with domestic public institutions, financial institutions, and large corporations but also overseas. It possesses a multi-model database that covers not only graph databases but also traditional relational databases.

Researcher Kim analyzed, "The Apache Foundation, known as the world's largest open-source foundation, promoted the Apache AGE project, which Bitnine is leading, to a top-level project in May 2022."

He also expected, "The Apache AGE project is an extension program for building graph database environments," and "this product has excellent compatibility with existing relational databases, which can contribute to Bitnine's global business expansion in the future."

He explained, "This year's sales, operating profit, and net profit are estimated to increase by 15.7%, 126.4%, and 106.2% respectively compared to the previous year," and added, "Since the Apache project's promotion to top-level was achieved, the overseas business environment is more favorable than the previous year."

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