Definition of iPaaS: Gartner and MuleSoft define iPaaS (Integration Platform as a Service) as a suite of cloud services enabling the development, execution, and governance of integration flows connecting any combination of on-premises and cloud-based processes, services, applications, and data within individual or across multiple organizations.

The Key Characteristic: The 'as a Service' suffix explicitly denotes a Cloud-based delivery model111111111.

MuleSoft Context: CloudHub is the iPaaS component of the Anypoint Platform. It is a fully managed, multi-tenant, cloud-based integration platform where you deploy API implementations without managing the underlying hardware.