Data Aging is referred to as a Suite-tailored data management concept, provided by SAP NetWeaver ABAP and is primarily meant for reducing the SAP HANA memory footprint, which is largely based on a Data Aging Framework. Data Aging is obtainable for SAP Business Suite on HANA and SAP S/4HANA applications. This presents the option of shifting large amounts of data within SAP HANA for gaining more working memory. Data Aging distinguishes between operationally relevant data (Hot/Current), and data which cannot be accessed during normal operation (Cold/Historical). The data temperature can be utilized for horizontally partition the tables (taking part in Data Aging) and for optimizing resource consumption along with performance - moving data between the different partitions (i.e. from hot to cold partitions). Hot data is preserved within SAP HANA main memory. Cold data is stored on disk, however it is accessible via SQL on request.
Read here Hot Data and Cold Data-Data Aging in SAP S/4HANA
Benefits of Data Aging in SAP HANA within SAP S/4HANA
The main aim of aging is to reduce the main memory footprint and also improve the speed of the database queries and this is done by keeping operationally relevant (hot) data in main memory. Apart from this, cold data is placed mainly on (less expensive but usually slower) secondary storage and on request can be accessed via SQL.