The acronym IaaS stands for Infrastructure as a Service in cloud computing services. IaaS provides virtualized computing resources over the internet, allowing organizations to rent infrastructure components such as servers, storage, and networking rather than investing heavily in physical hardware. Key benefits include flexibility, scalability, and cost-efficiency, enabling businesses to scale their IT resources according to demand. By using IaaS, companies can focus on their core operations while allowing cloud providers to handle the underlying infrastructure management and maintenance.