Cloud computing allows users to access computing resources like servers, storage, databases, networking, software and more over the internet. It provides scalability, cost savings and flexibility compared to traditional computing methods. There are different types of cloud computing based on the location of resources (public, private, hybrid) and services provided (infrastructure as a service, platform as a service, software as a service). Key benefits include redundancy, dedicated yet scalable resources, no single point of failure, efficient resource usage and security.