Taking a view from the other side, I would say yes. You absolutely can install Splunk on NAS and have your Indexers Search heads reside there. The only caution I have is to make sure your storage team has a very "tuned" environment and your servers mounting NFS with the correct options.
Case in point. I have just completed an upgrade of (4) separate Splunk environments running SuSE LINUX and all the storage requirements were met by using NetApps Filers, to a consolidated shared environment for 1) Platform; and a second Shared environment for 2) Applications. Again, all based on NetApp 6210 Filers.
I confirmed any concern of not handling throughput to the filer by running Bonnie++ testing against the NFS mounts. My results came back like this:
Sequential Output: 86.6MB/sec
Sequential Input (random): 104.2MB/sec
When compared to the measured indexing rate I see on a single Indexing server I believe the NAS NFS can stand on its own. This server by itself sees in excess of 15-20GB/day of data with the following rates:
Events/Sec: 1350
Indexing rate(KBps): 370
The server in question is setup with the following:
(1) 10GB interface; 48GB Memory; (24) 1600MHz CPU's
NFS mount options: nfs rw,bg,hard,intr,rsize=32768,wsize=32768,timeo=60,nfsvers=3 0 0
With this knowledge and the understanding of our future growth rates (which are large), I won't hesitate to continue using Tier I & Tier II NAS as the backend for both hotdb/warmdb (Tier I NAS), and colddb (Tier II NAS). But let me reiterate, don't walk into this blind. Make sure your NAS can handle the load Splunk will put on it when indexing larger amounts of data. Do some extensive testing with Bonnie++ and compare it against what you can get against local or SAN disk.
Good luck.
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