Cloud computing provides on-demand access to shared computing resources like networks, servers, storage, and applications that can be provisioned with minimal management effort. There are different deployment models like public, private, hybrid, and community clouds. The main service models are Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). Cloud computing offers benefits like flexibility, scalability, and cost savings compared to traditional IT solutions. It is expected to create many new jobs and significantly transform how organizations utilize technology.