The acronym PaaS stands for Platform as a Service in cloud computing. PaaS provides a cloud-based environment for developers to build, deploy, and manage applications without the complexity of managing the underlying infrastructure. It typically includes development tools, middleware, and business intelligence services, streamlining the application development process. By utilizing PaaS, developers can quickly innovate, reduce time-to-market, and focus on creating value-added functionalities for their applications. This flexibility and efficiency make PaaS a popular choice for modern software development initiatives.