'SaaS' refers to Software as a Service, a cloud-based software delivery model that provides applications over the internet. This model allows users to access software without needing to install or maintain it on their local devices. SaaS solutions are typically subscription-based, making them financially accessible for businesses of all sizes. The benefits of SaaS include automatic updates, scalability, and easier collaboration, as users can work from anywhere with internet connectivity. Popular examples of SaaS applications include Salesforce, Google Workspace, and Slack, which facilitate various business processes efficiently.