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What are the uses of amazon glacier in aws?

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While creating an S3 bucket, I came across this term Amazon Glacier. Please explain to me what is a Glacier in AWS.

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Amazon Glacier is a type of storage class that is used for data with longer retrieval times and it is considered to be a low-cost cloud storage service. It is a cold data cloud service that is used to move frequently accessed data to archival storage by developers, in order to save money on storage costs.

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