Platform as a service
Also known as PaaS
Renting a managed runtime for your application, with the provider handling the operating system and platform underneath.
You deploy code or a database and the provider handles patching, scaling, and availability of everything below it. Less control, considerably less maintenance.
For most business applications this is the better default now, because the operational burden of running virtual machines rarely pays for itself.
Where this comes up
Platform as a service sits inside our microsoft 365 and cloud work. If you are trying to work out what this means for your own environment rather than in the abstract, that is the page worth reading next, and a short call will get you a straight answer faster than either.