The term "SaaS" stands for Software as a Service, which is a cloud computing model where software applications are hosted and made available to users via the internet. Instead of installing and maintaining software on local devices, users can access it online, typically through a subscription-based payment model. SaaS offers advantages such as reduced IT overhead, easy accessibility from various devices, and automatic updates. Popular examples include platforms like Google Workspace and Salesforce, which simplify deployment and enhance collaboration.