Splunk (the product) captures, indexes and correlates real-time data in a searchable repository from which it can generate graphs, reports, alerts, dashboards and visualizations.
Splunk aims to make machine data accessible across an organization and identifies data patterns, provides metrics, diagnoses problems and provides intelligence for business operation. Splunk is a horizontal technology used for application management, security and compliance, as well as business and web analytics.Splunk has over 7,900 customers worldwide.

Graylog2 + Elasticsearch + MongoDB

based on elastic search and Open Source. Graylog2 has powerful real-time text-based search, basic analytics, dashboards, and flexible alerts. Graylog2 is under heavy development. Graylog2 is Java. Both are no real equivalent to SPLUNK, SPLUNK is multiple years ahead, but it’s possible that these tools are also meet your requirement. Graylog2 is an open source log management system. It’s built with Ruby on Rails and MongoDB and uses its own JSON-based log format called GELF (Graylog Extended Log Format).

Apache Flume + Elastic Search + Apache Lucene
Cloudera CTO Jeff Hammerbacher suggests using Apache Flume, an open source log aggregation tool, and Elastic Search, an open source search system based on Apache Lucene, to create an open source log file search system

Fluentd + Elasticsearch + Kibana

Elasticsearch is an open source search engine known for its ease of use.
Kibana is an open source Web UI that makes Elasticsearch user friendly for marketers, engineers and data scientists alike.
Fluentd is an open source data collector, which lets you unify the data collection and consumption for a better use and understanding of data.
By combining these three tools (Fluentd + Elasticsearch + Kibana) we get a scalable, flexible, easy to use log search engine with a great Web UI that provides an open-source Splunk alternative, all for free.

Logstash + Elasticsearch + Kibana

logstash is a tool for managing events and logs. You can use it to collect logs, parse them, and store them for later use (like, for searching). Speaking of searching, logstash comes with a web interface for searching and drilling into all of your logs.It is fully free and fully open source. The license is Apache 2.0, meaning you are pretty much free to use it however you want in whatever way.setting it up is way more complicated than setting up Splunk, but it offers similar – but not as complete – feature set. Elasticsearch is an open source search engine known for its ease of use. Kibana setting it up is way more complicated than setting up Splunk, but it offers similar – but not as complete – feature set.

Elasticsearch <=> Indexer
Logstash <=> Heavy Forwarder
Kibana <=> Search Head

OpenTSDB
OpenTSDB is an open source database sponsored by StumbleUpon. It’s designed for aggregating and visualizing machine data. It’s built on top of Apache Hbase and boasts the ability to “collect many thousands of metrics from thousands of hosts and applications, at a high rate (every few seconds).”

Sumo Logic
Sumo Logic is a cloud-based log management and analytics service that leverages machine-generated big data to deliver real-time IT insights

Reference – 
http://softwarerecs.stackexchange.com/questions/16/free-equivalent-for-splunk-log-manager
http://docs.fluentd.org/articles/free-alternative-to-splunk-by-fluentd
http://www.infoworld.com/article/2610524/log-analysis/splunk-feels-the-heat-from-stronger–cheaper-open-source-rivals.html

http://kmlbblog.co.in/entries/general/splunk-vs-elk-elasticsearch-logstash-kibana–

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• Extended functionality via plugins.
• Free and open source.
• Filters are code.
• Great integration with other Elastic products.

• Handles up to 50,000 messages per second at peak time
• Data filtering and alerting
• Apache 2.0 License project
• Simplify and scale data pipeline management with tags
• More than 200 community-contributed plugins
• Real-time monitoring and alerts system
• Store data in multiple systems
• Collect and correlate web server access logs and application error logs

• Text-based logs from any source
• Custom source groups
• Point-and-click trending graphs
• Automated filters and event parsing
• Full-system RESTful API to integrate with other applications
• Unlimited saved searches and users
• Adaptable interface with multiple views, pages and workspaces
• Unlimited custom dashboards based on any search
• Built-in customizable alerts with triggers

• Leverages Java, Scala and ElasticSearch technologies
• Central syslog monitoring
• Interactive API browser
• Application debugging
• Exception monitoring
• API analytics
• Intuitive search interface
• Comprehensive dashboard

5. Splunk

• Works with Hadoop & NoSQL
• Setup standard searches as real-time alerts
• Trigger automatic responses
• Scale from a single server to multiple data centers
• Deployable to on premise sites, hybrid-cloud, and/or private and public cloud based infrastructures
• Securely make data available
• Supports various use cases including log consolidation/retention, security, compliance reporting, and more
• Perform ad hoc queries

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