The acronym SaaS stands for Software as a Service. It represents a software delivery model in which applications are hosted in the cloud and provided to users over the internet. SaaS eliminates the need for local installation, allowing users to access software via web browsers on any device with an internet connection. Key benefits include automatic updates, scalability, and cost-effectiveness, as users often pay on a subscription basis rather than a hefty upfront cost. SaaS is popular for various applications, including customer relationship management (CRM), accounting, and collaboration tools, enabling businesses to streamline operations without extensive infrastructure investments.