Cloud computing allows on-demand access to configurable computing resources like networks, servers, storage, and applications via the internet. It provides low-cost IT infrastructure through a pay-as-you-go pricing model. Cloud computing resources are pooled and provisioned rapidly with minimal management effort. Key characteristics include on-demand self-service, broad network access, resource pooling, rapid elasticity, and measured service. Cloud services can be deployed via public, private, community, or hybrid cloud models.