Final answer:
Packaged solutions are also known as Commercial off-the-shelf products (COTS), which are mass-produced software or hardware products designed for a wide market. Unlike COTS, Software as a Service (SaaS) and Cloud computing provide services over the Internet, and Product as a Service (PaaS) concerns leased or rented products.
Step-by-step explanation:
The term that also refers to packaged solutions is Commercial off-the-shelf products (COTS). These products are ready-made and available for the general public to purchase and use. Unlike custom-made software that is developed to meet the specific needs of a particular organization or user, COTS products are designed to be sold to a wide market with common problems or needs. For example, Microsoft Office is considered a commercial off-the-shelf product because it's sold as a packaged solution for office productivity without customization for individual buyers.
Software as a Service (SaaS) refers to a cloud-based service where instead of installing software locally, users access applications over the Internet, often through a subscription model. Cloud computing is a broader term that encompasses the delivery of computing services—including servers, storage, databases, networking, software, analytics, and intelligence—over the Internet ("the cloud") to offer faster innovation, flexible resources, and economies of scale.
Product as a Service (PaaS) is sometimes used synonymously with SaaS, although it can also refer to a business model where products are leased or rented to customers rather than sold outright, which shifts the focus from ownership to use.