Cloud computing is the delivery of computing as a service rather than a product, whereby shared resources, software, and information are provided to computers and other devices as a utility (like the electricity grid) over a network (typically the Internet).
Cloud computing entrusts services (typically centralized) with a user's data, software and computation on a published application programming interface (API) over a network. It has considerable overlap with software as a service (SaaS).
End users access cloud based applications through a web browser or a light weight desktop or mobile app while the business software and data are stored on servers at a remote location. Cloud application providers strive to give the same or better service and performance than if the software programs were installed locally on end-user computers.
At the foundation of cloud computing is the broader concept of infrastructure convergence (or Converged Infrastructure) and shared services. This type of data centre environment allows enterprises to get their applications up and running faster, with easier manageability and less maintenance, and enables IT to more rapidly adjust IT resources (such as servers, storage, and networking) to meet fluctuating and unpredictable business demand.
Cloud computing - Wikipedia, the free encyclopedia
Virtualization (or virtualisation), in computing, is the creation of a virtual (rather than actual) version of something, such as a hardware platform, operating system, storage device, or network resources.[1]
Virtualization can be viewed as part of an overall trend in enterprise IT that includes autonomic computing, a scenario in which the IT environment will be able to manage itself based on perceived activity, and utility computing, in which computer processing power is seen as a utility that clients can pay for only as needed. The usual goal of virtualization is to centralize administrative tasks while improving scalability and overall hardware-resource utilization. With virtualization, several operating systems (OSs) can be run in parallel on a single CPU. This parallelism tends to reduce overhead costs and differs from multitasking, which involves running several programs on the same OS.
Virtualization - Wikipedia, the free encyclopedia
Virtualization is new as it makes use of the massive leap in technology to achieve its end. Cloud Computing is not (as LJx says) but infact the application of an old model on global scale. (thin client computing).