A HashiCorp-managed platform that provides a remote backend with locking, remote plan/apply execution, a private module registry, and Sentinel policies, making team collaboration easier without managing your own infrastructure for state.
In Terraform Associate it's presented as the "cloud-agnostic" alternative to provider-specific backends (S3, Azure Blob). It offers workspaces with their own state, variables, and VCS-triggered runs (GitHub, GitLab).
HCP Terraform (formerly Terraform Cloud) is a concept that can show up on the exam. Check the full guide to see it in context.