Hi Sankar
As this is an ABAP based system I would look at Archiving from that point of view (i.e SARA). I recall there were some marketplace article or SCN, etc regarding this topic
It would be beneficial to work with an archiving expert to devise a strategy on how best to approach archiving in your solution.
Part of this would be reviewing the functionality in your system and determining what data you capture and the table size + growth
Regards
Colleen