Cloud computing provides on-demand access to shared computing resources like networks, servers, storage, applications and services over the internet. It has evolved from earlier concepts like grid computing, web services, and virtualization. Key characteristics of cloud computing include shared resources that are scalable and elastic, self-service access, and pay-per-use metering. While cloud computing provides opportunities for cost savings and innovation, concerns around security, lock-in, and reliability must be addressed for widespread adoption. Standards and interoperability between cloud platforms are still developing.