Cloud computing is a technology model that delivers computing services over the internet, allowing users to access resources without managing physical hardware, and is categorized into service models like IaaS, PaaS, and SaaS. It offers deployment options such as public, private, and hybrid clouds, and is widely used across various sectors for applications like data storage, disaster recovery, and e-commerce. The advantages of cloud computing include scalability, flexibility, cost-effectiveness, and enhanced collaboration, making it essential for modern business operations.