Quoting directly from Google search, these are the two distinct definitions or meanings of cloud computing and IoT:
Cloud computing
The practice of using a network of remote servers hosted on the internet to store, manage, and process data, rather than a local server or a personal computer
The Internet of Things
The interconnection via the internet of computing devices embedded in everyday objects, enabling them to send and receive data.
By definition, both seem to be distinct and firm in their own ways right? But in reality, there can be no other better complementary technologies like the Internet of Things and Cloud Computing. To understand their relation, the closest analogy we can think of is that of a vacuum cleaner. If your window pane is a connected device, the dust it produces is the data. Vacuum cleaners, on the other hand, are your cloud computing devices that receive the dust via the hose and store them. The only difference here is that the data storage is put to good use and not disposed like that in a vacuum cleaner.
Throwing in some statistics, there are billions of connected devices today and if every manufacturer wanted to have physical storage spaces for their IoT devices, it would not just cost them a fortune but put them in a perpetual pressure of increasing their storage space and solutions. They need something more substantial and fast that can store, process, and retrieve data from any part of the world and complement the IoT devices in taking quick decisions and send out notifications to users.
Already, several companies are making enterprise and SaaS solutions for their operations and in IoT, the revolution has just begun. The Internet of Things is nothing but a network of everyday objects tied to the internet. When connected to the internet, all the data that has been generated by the devices has to be stored somewhere for processing and retrieval and this is where cloud devices come into action. On the internet, you would have read a lot of articles that compare IoT and cloud computing. Though you need to know the distinction between understanding and appreciating each technology, what you need to know at the end of the day is that they are both interconnected.
A complex IoT device like a driverless car completely relies on the cloud to send, receive and process the gigabytes of data it generates every single hour of its journey. From the multiple sensors and gadgets, every single byte of data that is generated is sent to the cloud, which is again backed by algorithms on Machine Learning, Data Science and other allied technologies, which allows the car to take decisions on driving.
The Internet of Things technology would be incomplete without cloud computing and that is exactly why the IoT job market also eyes on cloud computing experts for its projects. Companies into IoT are now increasingly looking for cloud experts, who can blend in the technology as seamless as possible into the IoT devices to eliminate any instance of data loss, distortion, or lag to enable smooth functioning of the connected devices. From a simple device like a smartwatch to more complex cars and automated homes, if the cloud computing and security is compromised, everything connected gives rise to a Dominos effect of consequences.