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AWS CloudFormation is a popular Infrastructure as Code (IaC) service that allows you to model and set up your Amazon Web Services resources so that you can spend less time managing those resources and more time focusing on your applications. With CloudFormation, you can create and manage a collection of related AWS resources, provisioning and updating them in an orderly and predictable fashion. This helps you automate and repeat deployment, ensuring consistency and reducing the chances of manual errors.

One of the key features of AWS CloudFormation is its use of templates—simple text files written in JSON or YAML that define your cloud resources and their properties. This makes it easier to manage infrastructure changes alongside application code. Teams prefer CloudFormation for its seamless integration with other AWS services, the ability to define infrastructure in a version-controlled manner, and its comprehensive support for AWS resources. CloudFormation operates on a pay-as-you-go model, with costs associated with the resources you provision rather than the service itself, which makes it an economically viable choice for many organizations.