Microsoft puts it this way: “Platform as a service (PaaS) is a complete development and deployment environment in the cloud, with resources that enable you to deliver everything from simple cloud-based apps to sophisticated, cloud-enabled enterprise applications. You purchase the resources you need from a cloud service provider [ex. Azure] on a pay-as-you-go basis”.
You might also be wondering how PaaS, software as a service (SaaS), and infrastructure as a service (IaaS) are different. Here’s how Microsoft explains it: