Cloud computing involves storing and accessing data and programs over the Internet instead of a computer's hard drive. It provides various services through a network of remote servers accessed via the Internet. There are three main deployment models (public, private, hybrid), three service models (IaaS, PaaS, SaaS), and various software used in cloud computing. While it provides flexibility, low costs, and scalability, concerns include security, dependency on providers, and the need for internet access. It may reduce some local IT jobs but increase jobs at cloud providers to manage infrastructure and administration.