What is cloud computing?

The term cloud computing with reference to IT is a service offered by a third party – typically a Technology Services Provider – and offered on subscription basis by leveraging the internet. The key proposition is to move away from expensive, capex heavy, on-premises options to affordable, cost-efficient arrangements that are offered on a one-to-many basis. It is a misperception that cloud computing refers to only software; it includes hardware as a service enabling computing on demand.