According to Microsoft Azure, cloud computing is the delivery of computing services—including servers, storage, databases, networking, software, analytics, and intelligence—over the Internet (“the cloud”) to offer faster innovation, flexible resources, and economies of scale.
Cloud computing is more of a new paradigm or model of using technology rather than a completely new technology itself. At its core, cloud computing leverages existing technologies—such as virtualization, distributed computing, and the internet—to deliver computing resources (like servers, storage, and applications) over the internet.
According to Cloudticity, The three main cloud computing service models are
Digital Storage, mobile and web apps, ML & AI wandb.ai, Email, and many more!
Usually, it is a pay-as-you-go service, which means that you only pay what you consume on the platform. As an example, I'm quite familiar with Google's Firebase suite of tools. There, you only pay per query you make and that means that there's virtually no fixed costs to hosting on the cloud, which makes it very attractive for small to medium sized enterprises.