IaaS
IaaS is on-demand access to cloud-hosted computing infrastructure - servers, storage capacity and networking resources - that customers can provision, configure and use in much the same way as they use on-premises hardware.
PaaS
PaaS provides a cloud-based platform for developing, running, managing applications. The cloud services provider hosts, manages and maintains all the hardware and software included in the platform - servers (for development, testing and deployment), operating system (OS) software, storage, networking, databases, middleware, runtimes, frameworks, development tools - as well as related services for security, operating system and software upgrades, backups and more.
SaaS
SaaS (sometimes called cloud application services) is cloud-hosted, ready-to-use application software. Users pay a monthly or annual fee to use a complete application from within a web browser, desktop client or mobile app. The application and all of the infrastructure required to deliver it - servers, storage, networking, middleware, application software, data storage - are hosted and managed by the SaaS vendor.
Saas vs. PaaS vs. IaaS: Management Ease vs. Complete Control
SaaS, Paas, IaaS are not mutually exclusive; most organizations use more than one, and many larger organizations today use all three, often in combination with traditional IT.