1. A method, on a server system in an out-of-core processing environment, for managing access to data by accelerator systems, the method comprising: receiving a request from an accelerator system for access to a given data set; determining an access context associated with the given data set, wherein the access context indicates one or more characteristics of an access operation associated with at least one of the accelerator system and a user system when accessing the given data set; selecting an access configuration from a plurality of different access configurations available for the accelerator system based on the access context that has been determined, wherein different access configurations are selected for one or more different access contexts; and dynamically configuring the accelerator system according to the access configuration to one of access the given data set directly from the server system, locally store a portion of the given data set in a memory, and locally store all of the given data set in the memory, wherein at least a first access configuration in the plurality of different access configurations configures the accelerator system differently than a second access configuration in the plurality of different access configurations.