What is the difference between Cloud-Based and On-Premise CRM?

Cloud-Based CRM: A CRM system hosted on the vendor’s external servers, allowing businesses to store and manage data online. It offers immediate implementation, flexibility, and high security but requires an internet connection and has limited customization options.
On-Premise CRM: A CRM system hosted on internal business servers, giving companies full control over data and operations. It provides customization based on business needs and does not require the internet, but it takes longer to implement and depends on in-house server management.