The acronym PaaS stands for Platform as a Service. It is a cloud computing model that provides a platform allowing developers to build, deploy, and manage applications without the complexity of maintaining underlying infrastructure. PaaS offers tools and services, including development environments, databases, and middleware, simplifying the development lifecycle. This model enhances development speed, encourages collaboration, and enables integration with various services and APIs. By utilizing PaaS, organizations can focus on innovation and application development while reducing operational overhead and accelerating time-to-market.