“We started off using Splunk’s built-in mechanism to freeze/archive our compliance data. This saved the company money because they did not have to increase network bandwidth using satellite down-links. Additionally, the team was able to identify excessive network bandwidth users and uses, such as watching facebook and youtube videos. The oil company is able to monitor both network and compute performance allowing the geologists to locate oil without interruption. Conducive then spent the next two months building out all of the requested functionality with all of the data sources. The POC imported live data and gave the customer real, actionable results. In 4 days, Conducive was able to build a working proof of concept (POC) using Splunk. The oil company spent two years trying to use traditional ETL tools, such as SQL Server and Tableau, to monitor the performance WITH NO SUCCESS. Additionally, network bandwidth on remote and offshore drilling sites must be monitored to ensure that critical data receives the highest priority. The performance of these systems must meet or exceed the minimum requirements to ensure the geologists can operate support drilling operations. So while the loss of its CEO is unwelcome news, Splunk is well-positioned to continue growing in the years ahead, making Splunk a good long-term investment.Major Oil Company Solves Performance MonitoringĪ major multinational oil company needed to monitor the performance of their critical compute and network systems used by geologists to visualize the earth when searching for oil.
Navy expanding use of Splunk in that quarter. Splunk already serves 90 of the Fortune 100 companies and was granted elevated Department of Defense government clearance in Q3, a testament to its platform's capabilities and security, with the U.S. That's why the global Big Data market is projected to expand to $116.1 billion by 2027, up from $41.3 billion in 2019.ĭemand for Splunk's services will grow as businesses need help to capture, analyze, and surface insights from all this data. The advent of secular trends in the Internet of Things, the metaverse, and more mean a tidal wave of data that will only increase.
Its Q3 net loss was $343.3 million, but this isn't a cause for concern since many tech companies operate for years at a loss to pursue growth.Īnd Splunk's growth is likely to continue. YOY = year-over-year.Įven so, Splunk isn't profitable. Splunk is already experiencing this according to Teresa Carlson, who stated that the company is seeing "net new workloads across the board."ĭATA SOURCE: SPLUNK. As more digital workloads move to the cloud, Splunk's revenue rises since its pricing goes up as data volume increases. Gartner also estimates the digital work executed on cloud platforms will increase from 30% in 2021 to over 95% by 2025. According to research firm Gartner, global cloud revenue will reach $474 billion this year from 2021's $408 billion. Splunk's cloud revenue is poised to expand further in the years ahead thanks to the cloud-computing industry's growth. This would be a record high for the company. Splunk forecasts full-year revenue for fiscal year 2022, which ended January 31, to hit at least $2.5 billion. Through the company's first three quarters of fiscal year 2022, which ended October 31, Splunk's cloud business was on track to finish the year with more revenue than licensing for the first time. This initiative turned a corner last year. For Splunk, subscriptions provide a consistent revenue stream. This allows clients to pay a low recurring fee instead of shouldering high up-front costs to buy a license. For the last few years, Splunk has been on a journey to move to a SaaS model. That evolution involves transitioning Splunk's clients to the cloud. Bice has the expertise to keep Splunk's technology evolution on track. With experience from two of the biggest cloud-computing companies in the world, Mr. Bice spent years at AWS and at Microsoft before that. Splunk also hired Shawn Bice last year as president of products and technology.
She came to Splunk from AWS, Amazon's successful cloud-computing arm. The company brought on Teresa Carlson in 2021 as chief growth officer overseeing sales, marketing, and other go-to-market operations.
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