Cloud computing allows users to access applications and data via the internet using centralized remote servers, offering various service models including Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS), and Software-as-a-Service (SaaS). Deployment options include public, private, and hybrid clouds, each with distinct management and resource distribution features. Key benefits of cloud computing include cost savings, increased speed and productivity, enhanced performance, global scalability, and improved reliability for data management.