There is other tools like sumologin, ELK, loggy, graylog for logserver
Can anyone explain "How Splunk is better than its Competitors?"
very very broad question you are asking...
better in what?
what is your criteria? what is the use case you are considering? how your environment looks like? what other tools are in place today?
regardless, i will recommend to contact splunk sales.
there are also plenty of comparisons online for your review but again, there are many many factors here.
hope it helps
I find Splunk easier to install, use, and maintain, than ELK. Others have said that Splunk is cheaper in the end because fewer resources are needed for it.