'FaaS' stands for Function as a Service in cloud computing. It is a serverless computing model where developers can deploy individual functions or pieces of code without worrying about the underlying infrastructure. With FaaS, users pay only for the execution time of their code, allowing for cost-effective scaling and resource utilization. This model enables quick deployment of applications and simplifies the development process by letting developers focus on writing code rather than managing servers. FaaS is ideal for microservices architectures, allowing organizations to build and deploy applications more efficiently and with greater flexibility.