DBMS is a software that stores and manages data in a database. It provides functions like data access, storage, retrieval, etc. DBMS was first developed in 1960 to address issues with file systems like data inconsistency, integrity, and security problems. There are different types of DBMS like hierarchical, network, relational, and object-oriented. DBMS is widely used in fields like banking, telecommunications, universities, and sales to store customer, employee, student, and transaction data for faster access and data security. While it provides advantages, DBMS also has disadvantages like costs, training needs, and data conversion challenges.