What are good open-source log monitoring tools on Linux

In an operating system, logs are all about keeping track of events, be it critical system errors, resource usage warnings, transaction history, application status, or user activities. These logs, which are stored as (text or binary) files in the system, are useful for system auditing, debugging and maintenance. However, with so many different system entities generating log files, and even at growing rate, the challenge as a system admin is to how to consume these log files effectively.