"Platform as a Service" (PaaS) provides developers with a comprehensive environment to build, deploy, and manage applications without the complexity of managing underlying infrastructure. PaaS offers various tools and services that include database management, middleware, and development frameworks, allowing for faster app development and innovation. Developers can focus on coding and application functionality rather than worrying about servers, storage, and networking. Key benefits include simplified collaboration, scalability, and the ability to use multiple programming languages, thus streamlining the development process and helping teams to bring applications to market quicker.