The term Cloud Computing has been in use since the 2000s when telecom companies used this to denote information that was not relevant to the users. They used it as a metaphor for the public telephone networks which, to the user, were just a 'cloud of information'. However, the concept of cloud computing dates back to the 1960s.
The idea is to rent access to computing power rather than buy it. Imagine you do not have enough space in your room but you know after a certain period of time certain things like old books, clothes, etc will be removed. For the time being you need the space to accommodate your belongings, so you rent a storage space.
Similarly, in cloud computing companies do not buy the mainframe where they save their information, instead, they rent it. It is a cost-effective, secure, and efficient method of computing. Since the data isn't congested at one place but accessible at any required time, therefore, the services tend to be smoother for the user.
Cloud Computing is growing faster than a wildfire, with companies investing graciously in building a strong infrastructure of digital data. Almost one-third expenditure of IT industries is on cloud computing, the global cost is approximately $219.6 Billion. There are several benefits to cloud computing that is why tech giants like Microsoft are continuously encouraging it.
Security tools are constantly being invented to make it more secure. A company can buy storage space and secure it but this method, in the long run, tends to be more vulnerable than cloud computing. The service already specializes in monitoring and securing a company's data, especially when it is moved to and fro from one cloud system to the other. Some companies may still be reluctant to share services used by its rivals also.
With a shift in investment paradigm, this issue is also getting diluted, although, a bit slowly. Companies realize that their IT budget can be made more economical by relying on such services. It is becoming Operating-expenditure oriented as opposed to Capital expenditure. Microsoft has taken a step towards making cloud computing services more secure by rolling out Azure- a platform promoted as "confidential computing".
Hybrid Cloud can be called an intermediate as it allows to have Public Cloud and Private Cloud services where only a part of data can be accessed by everyone. It is a bit complicated though, and concerns for security are also many.
Two factors- Geopolitics and Data Sovereignty also pop up. If the data center and the user are poles apart or there is a lot of data traffic, then the user gets delayed information and the main objective of easy and efficient access gets defeated. The next thing is when companies are opting for the service from outside cloud computing source, they may not always be aware of the way the data is being processed or where it is being used by the cloud services. A good and transparent network is still desired in cloud computing.
Technology will always have its comforts along with its concerns. With the amount of work put in to improve cloud services it seems that very soon cloud computing will flourish even more than today.