Cloud computing refers to delivering computing services over the Internet. It allows users to access on-demand resources like storage, processing power, and software applications without maintaining physical infrastructure. Key characteristics of cloud computing include on-demand self-service, broad network access, resource pooling, rapid elasticity, and measured service. Cloud services can be deployed via public, private, hybrid, or community models. Common service models are Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS).