Cloud computing refers to the storage and access of data and services over the internet rather than on personal devices, offering benefits like device independence and improved performance, while also facing disadvantages such as dependence on internet connectivity and potential security issues. It includes various deployment models (public, private, hybrid, community) and service models (IaaS, PaaS, SaaS). Despite its potential impact and benefits, concerns about data security and the lack of global standards pose challenges for widespread adoption.