Cloud computing delivers computing services as utilities over the internet, similar to how electricity or water are provided. There are different types of cloud deployment models including public, private, hybrid, and community clouds. Additionally, there are three main service models - Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). IaaS provides virtual computing resources, PaaS provides development platforms, and SaaS provides complete software solutions delivered over the internet. Cloud computing offers benefits like on-demand provisioning, elastic scaling, pay-per-use billing, workload resilience, and migration flexibility.