SaaS stands for Software as a Service, a cloud-based model where applications are hosted remotely and delivered over the internet. Users can access the software through a web browser without needing to download or install it on their devices. This model typically operates on a subscription basis, making it cost-effective and scalable for businesses. SaaS allows for automatic updates, collaboration, and accessibility from anywhere with an internet connection, streamlining operations and reducing IT management tasks for organizations.