Is Cloud Computing the Next Big Thing? This paper on Cloud Computing explains why it may well be so. It traces the context of Cloud Computing, a paradigm shift in IT. Exploring industry definitions of this phenomenon, this paper offers TCS perspectives on various aspects of Cloud Computing: Types of Cloud delivery models, “Public” Cloud Computing for Enterprise business and its challenges, Public-Private & Federated Clouds, Next Generation Computing Services and Benefits of the Cloud. It articulates TCS Taxonomy on Cloud Computing.