The acronym "PaaS" stands for Platform as a Service. This service model provides a cloud-based environment that enables developers to build, deploy, and manage applications without worrying about underlying infrastructure. PaaS supplies necessary tools such as middleware, development frameworks, and database management systems. By using PaaS, companies can streamline their application development processes, reduce operational costs, and enhance collaboration among developers. Furthermore, it allows for quicker scalability and flexibility, adapting to changing business needs more efficiently than traditional on-premises solutions.