This paper explores the framework of cloud environment, models, current technologies & trends in the space of Cloud. The Research elaborates on key benefits and barriers of moving IT Business Services to Cloud. Cloud is a way of delivering IT-enabled services in the form of software (SAAS), platform (PAAS) and infrastructure (IAAS). This research overall examines the definition of cloud computing and cloud services and how it will evolve over the next decade. The research targets to provide a clear understanding of the concepts and strategies around the Cloud technology and prepares readers for future enhancements which have become one of the most discussed IT paradigms of recent year.