Cloud computing refers to accessing computational resources like applications and data storage over the internet instead of locally. There are several types of cloud services including Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS). Cloud computing provides advantages like reduced costs, increased reliability, and accessibility from any device with an internet connection. However, there are also risks like dependence on cloud providers and potential performance issues. The future of cloud computing is expected to include continued cost reductions and increased adoption across organizations of all sizes for both public and private cloud solutions.