Cloud computing is a technology that offers access and storage of data, applications, and services online. It eliminates the need for physical servers. Key features of cloud computing include on-demand access, access across devices, shared resources, scalability, and pay-as-you-go. The three types of cloud services are Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). Cloud deployment models include Public Cloud, Private Cloud, and Hybrid Cloud. Virtualization is a technology that creates virtual versions of physical hardware, making the IT systems more efficient and adaptable. Scalability is the ability of a system to expand or contract in response to demand or needs. Agility allows adjusting and changing positions rapidly. High availability is when a system is consistently operational, minimizing any potential downtime. Fault tolerance refers to a system's ability to keep running smoothly even when part of it fails or encounters problems. Global Reach is the capability of reaching out to users globally and providing services or applications.
Cloud computing has revolutionized industries by promoting faster innovation, lowering costs, and allowing businesses to focus more on their core activities as opposed to managing IT systems. Elasticity and scalability are different approaches to managing resources according to demand. Scalability involves increasing or decreasing capacity in a strategic manner to accommodate future needs, while elasticity refers to the ability to automatically adapt resources to meet sudden shifts in demand.