What are the fundamental differences between components as program elements and components as services?

What will be an ideal response?

Differences between components and web services:
1. Once a component is purchased, it is owned by the user whereas the web
service is always owned by the provider. This is significant because it
means that the owner has no control over changes to the service – if it
changes (or disappears) then this may have adverse consequences for the
user. With components, however, the user decides when newer versions are
to be used.
2. Payment for services is by utilization so that users don’t have to buy an
expensive component that is only occasionally used.
3. Component interactions can use much more efficient protocols than web
services so components are better suited to high throughput/performance
applications.
4. There are widely-accepted standards for services against several competing
standards for components so service inter-operability is (should be) much
better.