Abstract
Cloud computing has been increasingly growing as it offers various benefits with the way organizations deploy, manage and scale their IT resources. Nevertheless, cost management in cloud environments is still a major challenge due to the complexity of pricing models and dynamically changing cloud services. This paper discusses, inter alia, effective strategies for optimizing cloud costs: right-sizing resources, leveraging reserved and spot instances, autoscaling, and optimum service tiers. Additionally reviews various tools for management and monitoring, including AWS Cost Explorer and Google Cloud Cost Management tools, and the role of automation in reducing operational cost. Also features case studies from various sectors and highlight successful implementations and lessons learned. Further, the challenges and considerations with respect to security, performance trade-offs, and compliance are addressed. Conclusions are drawn with action points for organizations and future directions for research that focus on emerging technologies and their impact on cloud cost optimization
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