Web services allow software components to communicate over the internet using standard protocols like HTTP and XML. They provide reusable business logic that can be accessed remotely by other applications. Some key advantages of web services include being simple, loosely coupled, stateless, and firewall friendly. The core technologies that enable web services are SOAP, WSDL, UDDI, and DISCO which handle messaging, description, discovery, and integration of web services. The typical lifecycle of a web service involves implementing it using a .NET web service, testing the service, consuming or using the service in a client application, and potentially publishing the service for discovery.