As technology continues to rapidly evolve, demand is soaring for providers of advanced services like machine learning (ML). It's a subfield of artificial intelligence that focuses on using large amounts of data to make predictions and improve productivity in a variety of business processes. Estimates suggest the machine learning industry was worth $15.5 billion in 2021, and it's set to soar almost tenfold to $152 billion by the year 2028. That growth will be driven by organizations finding new and exciting ways to apply ML, whether they're in e-commerce, manufacturing, or anything in between. Splunk (NASDAQ:SPLK) is a pioneer of ML technology.