'SaaS' stands for Software as a Service, a cloud computing model that provides software applications over the internet. SaaS allows users to access applications via a web browser without the need for local installations or hardware maintenance. This model provides several benefits, including automatic updates, scalability, and subscription-based billing, which lowers upfront costs. SaaS is widely used for various applications, such as customer relationship management (CRM), collaboration tools, and enterprise resource planning (ERP), making it a flexible option for businesses of all sizes.