Does moving to the cloud save money?

Could you elaborate on whether migrating to cloud-based services truly results in cost savings? Is there a comprehensive breakdown of the potential savings, including the reduction in hardware expenses, optimization of resource utilization, and scalability benefits? Are there any hidden costs or potential drawbacks to consider, such as increased data transfer fees or the need for specialized expertise to manage cloud infrastructure? Additionally, how does the cost-benefit analysis vary across different industries and business sizes?