"..Data doesn't take up too much space on disk.." this has no bearing on the request.
I beg to differ.
FIRST, I wish to be clear that I'm answering this as a member, NOT as a moderator, so this is one man's opinion and other members SHOULD feel free to step in with any contributions. Now to the topic...
You have explicitly discussed wanting to retrieve data for later review AND have mentioned a desire to save space.. WHATEVER method and whatever DB you are using, the problem is the same. If you are using an ANSI database setup, whether it is the '86 or '92 standards, ASCII text takes up 8 bits per character, and if you are using an extended character set, make that 16 bits per character. Unless you were planning to do something with BASE64 encoding to squeeze five characters into four bytes. You lose a lot of punctuation that way, though.
In the final analysis you will either (a) keep the data as-is in your DB and just mark some of it as "archival", (b) somehow compress records via an encoding scheme, (c) store complete or partial archival records in a side/auxiliary DB, or (d) outright delete the records. Or some combination of those things. Method (a) doesn't change sizing at all. Method (c) just "kicks the can down the road". Method (d) eliminates the ability to review old data. Only method (b) helps with sizing and subsequent review abilities.
Have you considered a variant of (b) where you export the data to a DBF and use the ubiquitous ZIP encoding methods? You would have to unzip a true ZIP file before using it, or you could use the Windows option that lets you create a "ZIP" folder to encrypt things. That DOES allow you to open the file in that encrypted pseudo-folder. That would be a space saver.
Keeping selected data for subsequent review certainly is possible but as I said earlier, how you intend to keep it and what parts you intend to keep will factor in heavily on the question of how to save space. These are decisions that CANNOT be made in the abstract. We've discussed many generic ways, but if that's not good enough, you HAVE to be more specific.
You do this a lot. Your "in the abstract" questions often don't go the way you want so you press for other answers. After a while, that tactic becomes annoying - I've seen it before. You have to understand that you are asking data storage innovation questions of a group that specializes in a product created over 30 years ago that has not been massively upgraded since then. And the Windows answer isn't usable because in the abstract, cloud storage and Access don't work together. Other databases have had similar problems. (I've seen it for ORACLE Enterprise Server myself and heard about issues from a couple of other vendors.)
If you have a real-world problem, describe it. We'll listen. If all you intended to do is ask abstract questions, you can anticipate people dropping off the thread fairly soon. I'm not trying to be harsh here, but we've seen this before from you and it often reaches the point of pointlessness. (Did I just create a Buddhist koan here?)