Cloud computing refers to storing and accessing data and programs over the internet instead of a local computer. It allows users to access applications from anywhere in the world using internet-connected devices. Major cloud computing models include infrastructure as a service, platform as a service, and software as a service, which can be offered publicly or privately. Key benefits of cloud computing include rapid elasticity to scale resources with demand, ubiquitous access to resources from any device, and resource pooling through shared multi-tenant architectures.