Splunk Premium solutions are sold separately to Splunk Enterprise and extend the capabilities of the basic platform. Splunk offers Splunk Enterprise as a cloud service which eliminates the need for customers to purchase, deploy, and manage infrastructure. This allows users to rapidly begin utilizing data and allows the platform to employ a broad range of data. In addition, users do not need to define or understand the structure of data prior to collection, indexing, and search. Splunk's technology allows them to deliver speed, scalability, and advanced analytics when processing massive amounts of data in applications like anomaly detection, event grouping, and prediction. Splunk Enterprise is a real-time data platform that is capable of data collection, indexing, search, reporting, analysis, alerting, monitoring, and data management.
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Splunk also includes a web framework and Software Development Kit (SDK) which allows developers to build applications on top of Splunk and allow integration with other applications and systems. Some of the advantages of Splunk's software include that a data schema does not have to be pre-defined, APIs allow data to be forwarded to other parts of the IT network and machine learning is embedded in the software, although these capabilities are common across competitors. Splunk's software collects, indexes, stores, and archives data from any source in real-time (websites, applications, servers, networks, sensors, and mobile devices). In addition to providing customers software solutions, Splunk also provides maintenance and customer support, training and consulting, and implementation services. Primary use cases for the software include infrastructure and operations management, security and compliance, software development and IT operations, applications management and business analytics, and to provide insights into IoT data. Their software allows users to ingest data from a range of sources and turn that data into meaningful insights through analytics. Splunk is an enterprise software company whose mission is to make machine data accessible, useable, and valuable to everyone. (Source: Created by author using data from Splunk ) Splunk Table 2: Splunk Estimated Market Opportunity (Source: Created by author using data from Elastic) Table 1: Elastic Estimated Market Opportunity In comparison, Splunk estimated their total addressable market was $32 billion in 2012 and this opportunity will have grown significantly over the past 8 years due to a combination of market growth and Splunk's use cases increasing. Elastic NV ( ESTC) is a competitor with a similar suite of products and they estimated their total addressable market was approximately $37 billion in 2019. Splunk's solutions have a broad range of applications, and as a result, the addressable market is huge and growing rapidly. Advances in analytical techniques: Advanced analytical techniques expand the size and types of datasets that can be processed.
Increasing supply of data: The volume, velocity, variety, and value of data are rapidly increasing.
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