It is essentially storage, just like a hard drive.
Explanation:
The cloud is remote storage, essentially. It allows for information to be stored in servers far away, that can be accessed anywhere, using the internet.
Cloud storage involves stashing data on hardware in a remote physical location, which can be accessed from any device via the internet. Clients send files to a data server maintained by a cloud provider instead of (or as well as) storing it on their own hard drive.
