Spot Pricing in the Cloud Ecosystem: A Comparative Investigation

TL;DR

This paper systematically reviews 61 studies on Cloud spot pricing, highlighting its potential benefits and current limitations, and advocates for its role in sustainable Cloud resource management.

Contribution

It provides a comprehensive synthesis of empirical evidence and theories on Cloud spot pricing, clarifying its advantages and challenges compared to fixed pricing schemes.

Findings

Strong academic support for Cloud spot market

Identified benefits and limitations of spot pricing

Lack of practical deployment mechanisms

Abstract

Background: Spot pricing is considered as a significant supplement for building a full-fledged market economy for the Cloud ecosystem. However, it seems that both providers and consumers are still hesitating to enter the Cloud spot market. The relevant academic community also has conflicting opinions about Cloud spot pricing in terms of revenue generation. Aim: This work aims to systematically identify, assess, synthesize and report the published evidence in favor of or against spot-price scheme compared with fixed-price scheme of Cloud computing, so as to help relieve the aforementioned conflict. Method: We employed the systematic literature review (SLR) method to collect and investigate the empirical studies of Cloud spot pricing indexed by major electronic libraries. Results: This SLR identified 61 primary studies that either delivered discussions or conducted experiments to perform comparison between spot pricing and fixed pricing in the Cloud domain. The reported benefits and limitations were summarized to facilitate cost-benefit analysis of being a Cloud spot pricing player, while four types of theories were distinguished to help both researchers and practitioners better understand the Cloud spot market. Conclusions: This SLR shows that the academic community strongly advocates the emerging Cloud spot market. Although there is still a lack of practical and easily deployable market-driven mechanisms, the overall findings of our work indicate that spot pricing plays a promising role in the sustainability of Cloud resource exploitation.