Final answer:
Splunk Cloud offers two licensing options: ingest-based, which focuses on the volume of data ingested daily, and compute-based, which is related to the allocated compute power for running the platform.
Step-by-step explanation:
The two Splunk Cloud licensing options are ingest-based and compute-based. The ingest-based option charges based on the volume of data (measured in gigabytes) that is ingested into the platform each day. On the other hand, the compute-based licensing is focused on the compute power allocated for running Splunk Cloud, such as the number of search heads, indexing, and additional features utilized by the user.