A Survey on Spot Pricing in Cloud Computing

Amazon offers spot instances to cloud customers using an auction-like mechanism. These instances are dynamically priced and offered at a lower price with less guarantee of availability. Observing the popularity of Amazon spot instances among the cloud users, research has intensified on defining the users' and providers' behavior in the spot market. This work presents an exhaustive survey of spot pricing in cloud ecosystem. An insight into the Amazon spot instances and its pricing mechanism has been presented for better understanding of the spot ecosystem. Spot pricing and resource provisioning problem, modeled as a market mechanism, is discussed from both computational and economics perspective. A significant amount of important research papers related to price prediction and modeling, spot resource provisioning, bidding strategy designing etc. are summarized and categorized to evaluate the state of the art in the context. All theoretical frameworks, developed for cloud spot market, are illustrated and compared in terms of the techniques and their findings. Finally, research gaps are identified and various economic and computational challenges in cloud spot ecosystem are discussed as a guide to the future research.