![]() ![]() 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.Users demanding more of applications: Consumers have grown accustomed to on-demand functionality and the ability to transact within seconds.There are a number of trends which are driving increased demand for data analytics technology, including: Search and analytics tools for unstructured data are still relatively nascent, and Splunk is one of the leading providers of technology to extract value from both structured and unstructured data. Unstructured data includes text, images, video, audio, and sensor data from IoT devices and is currently growing at a rate of 26.8% annually compared to structured data which is growing at rate of 19.6% annually. There has been an explosion in the growth of data in recent years, with this growth being dominated by unstructured data. Splunk's valuation is modest given these factors and the potential for high profit margins through continued operating leverage. Big data is a huge and growing market, and tailwinds like 5G and IoT are likely to ensure Splunk's growth remains strong in the future. Splunk ( NASDAQ: SPLK) is a provider of technology to stream, store, and analyze machine data which allows companies to turn their data into valuable insights. ![]()
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