The technology that allows users to store functionality in the cloud rather than on their devices is known as cloud computing. This paradigm enables individuals and organizations to access applications, data, and services via the internet, facilitating collaboration and resource sharing without the need for local installations. By leveraging services like Software as a Service (SaaS), users can utilize applications remotely, which promotes flexibility and scalability. It also reduces hardware requirements on user devices while ensuring that data can be accessed anywhere, anytime.