Cloud computing allows users to access software, storage, and other computing resources over the internet. It offers advantages like reduced costs, automatic backups, and data accessibility from anywhere. There are three main types of cloud computing models - Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). IaaS provides virtualized computing resources, PaaS allows users to build applications on cloud infrastructure, and SaaS delivers software through a web browser. Major cloud providers include Amazon, Microsoft, Google, and Salesforce.