Final answer:
A resource group in Azure acts as a container to hold related resources for an Azure solution, simplifying deployment, management, monitoring, and billing for resources that are located in the same region.
Step-by-step explanation:
The significance of resource groups in Azure is that they function as a container that holds related resources for an Azure solution. This allows developers and IT professionals to manage all the components of their applications that are located in the same region collectively. For instance, a web application could have its associated databases, virtual machines, and storage accounts all in one resource group. This grouping simplifies the management aspects such as deployment, monitoring, and access control. It also makes it easier to manage billing, as all the resources in a group contribute to a collective cost which can be viewed and managed on a group level rather than individually.