ELI5: Explain Like I'm 5

Software as a service

Software as a service (SaaS) is like a store that offers things you can use on your computer. Instead of buying the program (software) and downloading it to your computer, you "rent" it from the store. This store gives you access to the software over the internet, so you don't have to install anything on your computer. All you have to do is log in to the store and use the software. It's like when you rent a game or movie from a store - you don't keep it forever, you just use it while you pay a monthly fee.