The correct answer is Access to hosted software applications.

A Software as a Service offering delivers complete application software that runs on the provider's infrastructure and is accessed by end users over the network. In this model the user receives hosted software applications and the provider handles the platform, runtime, updates and maintenance so the customer does not manage the underlying stack.

Access to network functions is incorrect because network functionality is usually provided by network services or specific networking vendors and not as the primary capability of a standard SaaS subscription.

Access to managed security services is incorrect because managed security services are specialized offerings that provide monitoring and protection and they are distinct from SaaS. A SaaS application may include security controls but that does not make it a managed security service.

Access to physical computing infrastructure is incorrect because that describes Infrastructure as a Service where customers obtain compute resources to manage. In SaaS the provider owns and operates the physical servers and the customer simply uses the application.

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