Magento Cloud is a hosting platform designed for Magento 2 that provides automated deployment, integration with third party services like Fastly and New Relic, and 24/7 support. It uses multiple environments like local development, integration, staging, and production. Changes are deployed through a workflow that includes building, deploying, and post deployment steps like clearing caches. Specifications include technologies like PHP 7, MariaDB, Elasticsearch, and load balancers.