Very interesting. Volkanovski landed 137 total strikes to Holloway's 102.
Significant headstrikes: Volkanovski's 64 vs Holloway's 44
Significant body strikes: V's 6 vs H's 27
Significant leg strikes: V's 67 vs H's 31
Takedowns: V's 3 vs H's 0
Apparently, Volkanovski outlanded Holloway everywhere except for body strikes. Perhaps this swayed the judge's decision to give it to Volkanovski because of how close of a fight it was.
I gave round 1 and 2 to Holloway, and rounds 3 and 4 could have been anybody's, and round 5 was Volkanovski. Again, I could see a strong argument being made about Holloway winning, but since it was such a close fight, it's very possible the stats on paper gave the fight to Volkanovski, which I would also understand.
I would say Holloway had a higher damage output (to the point of knocking Volkanovski down twice), but that doesn't get taken into account on paper, unfortunately (though the knockdowns, which are a result of the damage output, are something that I believe at least gets perceived by the judges).
To put it in layman terms, fighter John could land 1000 million strikes that are as soft as pillows and fighter Carlos could land 10 that make John bleed profusely, but fighter John will still win because the stats favor him on paper regardless of the true damage output. That's not to say Volkanovski had pillow hands, but I believe an exaggerated example is necessary to emphasize the point.