Cloud computing is a technology that allows users to access and use computing resources, such as servers, storage, databases, networking, software, and more, over the internet on a pay-as-you-go basis. It eliminates the need for owning and maintaining physical hardware, making it a scalable and cost-effective solution for various computing needs.
Cloud computing, in its modern form, has gained prominence in recent years, but its underlying concepts and technologies have roots dating back to the 1960s. It can be considered a new paradigm for delivering and consuming computing resources efficiently over the internet. It offers several unique features, including on-demand self-service, broad network access, resource pooling, rapid elasticity, and measured service. These features enable users to scale resources up or down as needed and pay only for what they use.
The economic model of cloud computing is based on a pay-as-you-go or subscription-based pricing structure. Users are charged for the resources they consume, making it cost-effective and scalable. This model eliminates the need for upfront capital investments in hardware and allows businesses to focus on innovation and growth.