The acronym "PaaS" stands for Platform as a Service in cloud computing models. This service allows developers to build, deploy, and manage applications without the complexities of maintaining the underlying infrastructure. PaaS provides a framework that developers can use to create software applications, which includes tools for coding, testing, and deploying. By abstracting the hardware and software layers, PaaS enables faster development and easier scalability, making it an attractive option for businesses looking to innovate while minimizing resource investment.