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Cloud computing refers to the on-demand distribution of the applications to storage facilities and computing services over a network through any browser to the users or an organization. And the companies that distribute these services are called CSPs (Cloud Service Providers). The idea of cloud computing is with us as back as the 1960s and over the decades' cloud computing has shown substantial growth especially in past few years and has revolutionized the field of computer science. Having the potential to severely cut down the cost of purchasing and maintaining IT infrastructures, it has been extremely useful for small businesses, banking, educational establishments, and healthcare institutes. This paper focuses on highlighting the benefits of various types of cloud computing along with its definition, how it has evolved and its advancement over the decades with changing needs of the world, and its application in above mentioned sectors furthermore paper will be discoursing the growth and future of the cloud computing. [ABSTRACT FROM AUTHOR]