There are several methods for controlling disk space used by Splunk. Most disk space will be used by Splunk's indexes and compressed log files (collectively called the database). If you run out of disk space, Splunk will stop indexing. You can set a minimum free space limit to control how low you will let free disk space fall before indexing stops. Indexing will resume once you space exceeds the minimum.
Set minimum free disk spaceUse settings in Splunk Web to set a minimum amount of disk space to keep free on on the disk where indexed data is stored. If the limit is reached, the server stops indexing data until more space is available.
Note:

Restart the server for the new setting to take effect.
From the Command line interface (CLI)You can set the minimum free megabytes via Splunk's CLI. To use the CLI, navigate to the $SPLUNK_HOME/bin/ directory and use the ./splunk command. You can also add Splunk to your path and use the splunk command.
Simply type:
# splunk set minfreemb 200000
# splunk restart
Controls for indexes are in indexes.conf. You can control disk storage usage by controlling total index size, age of data in the database, and aging policy. When one of these limits is reached, data will be removed. You can archive the data using one of Splunk's predefined archive scripts or create your own. Edit this file in $SPLUNK_HOME/etc/system/local/, or your own custom application directory in $SPLUNK_HOME/etc/apps/. For more information on configuration files in general, see how configuration files work. Do not edit the copy in default.
Set the following indexes.conf
maxTotalDataSizeMB = (500000) * The maximum size of an index. If an index grows bigger than this the oldest data is frozen out. and set it to it new value (in megabytes)
[main] maxTotalDataSizeMB = 2500000
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