Cloud computing is primarily a means of storing and processing data offsite, away from the machine you are actually working as. While software as a service may use a cloud computing model, its primary benefit is that the software is delivered via a service model, removing the need for the installation of software on local machine, updates and security patches.
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Cloud vs SaaS
The terms Cloud computing and Software as a service are often used interchangeably. While they are similar they are a number of core differences that make each one unique.