Optimizing Geolocation API Calls for High-Volume IP Lookups?

We're currently facing significant scaling challenges with our IP Lookup Tool, specifically when processing high volumes of IP addresses and retrieving accurate IP geolocation data. The primary bottleneck is efficiently managing requests to our various third-party Geolocation API providers without consistently hitting rate limits or incurring excessive costs.

I'm actively looking for best practices or architectural patterns to optimize Geolocation API usage for bulk lookups and minimize redundant calls. Has anyone here implemented effective strategies for this? Anyone faced this before?