The acronym PaaS stands for Platform as a Service, a cloud computing model that provides a platform allowing customers to develop, run, and manage applications without the complexity of building and maintaining the underlying infrastructure. PaaS offers a wide array of services, including development tools, database management, and application hosting, enabling developers to focus more on innovation and deployment. This model enhances productivity by providing pre-configured solutions that streamline the development process, thereby accelerating time-to-market for new applications and services. PaaS is pivotal for organizations looking to foster agile development practices.