iTunes in the Cloud is a feature which gives you access to your qualifying past purchase history, letting you stream or download purchases that are not physically in your library or on your Apple iOS device. This can give you streamed access to more of your library than you care to store on a particular device.
You can selectively hide purchases from iTunes in the Cloud when you delete from your library. There is no storage limit that is affected by this action.
iTunes Match is a paid annual subscription service that extends the same facilities as iTunes in the Cloud to media ripped from CD or purchased from other sources. The service is limited to a maximum of 25,000 tracks, excluding store purchases.
iCloud is an umbrella term for a collection of Apple's cloudy services.
It isn't clear what the original poster's issue was in this case, but I doubt iTunes Match would have been the solution.
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