Splunk (SPLK) Leads The Rapidly Growing IT Market Per IDC
Zacks Investment Research | Aug 17, 2017 11:06PM ET
Splunk Inc. (NASDAQ:SPLK) has been ranked number one in worldwide IT Operations Analytics (ITOA), as well as Event and Log Management software market shares for 2016 by International Data Corporation (IDC), the world's leading IT analyst firm.
Citing the reports of IDC, the company revealed that the two aforementioned IT markets have witnessed the highest growth rates within the overall IT market. While ITOA registered an increase of 32.9%, Event and Log Management grew 23.5%.
Reportedly, this was the third consecutive year when Splunk gained the top spot in the rapidly growing ITOA software market, outplaying established players such as International Business Machines (NYSE:IBM) , Microsoft (NASDAQ:MSFT) , VMware, Hewlett Packard Enterprise, CA Technologies and BMC – all of which are vying to grab a bigger share of this fastest-growing IT market.
Splunk’s market share in ITOA touched 32.2% in 2016, per IDC. According to IDC report author Tim Grieser, “Splunk supports prepackaged content and visualization for a variety of use cases including IT operations and APM. This is making Splunk-based analytics available to an increasing variety of IT and business users.”
In the IT Event and Log Management Market Shares report, Splunk’s “rapid growth is based on core capabilities for big data capture, indexing, management, search and visualization that extend across a wide variety of machine-generated data sources including metrics and logs”, cited Tim Grieser. With a market share of 21.2%, this was for the second consecutive year that the company is maintaining its market leader position.
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