'HTTP' stands for Hypertext Transfer Protocol, which is the foundation of data communication on the World Wide Web. It defines the rules and standards for transmitting information between web servers and browsers, allowing users to access websites and resources. HTTP facilitates the request-response model, where a client (browser) requests content, and the server responds by delivering the requested data. This protocol plays a crucial role in web development, enabling seamless navigation and interaction across the internet, making it essential for online functionality.