Cloud computing is a model where virtual servers and storage over the internet provide on-demand computing resources and data hosting. Users access these cloud-based services without needing to manage the underlying infrastructure themselves. There are different types of cloud deployment models including public, private, hybrid and community clouds. Cloud computing provides benefits like reduced costs, flexibility, scalability and increased security compared to traditional computing methods. The global market for cloud-based services is growing rapidly and is projected to reach $55.5 billion by 2014.