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Generally, a portable software product has no other dependencies but the standard operating system environment. It may be a application or a component. In either case, it does not require you to install other things that are not part of the standard operating system before it can work.
A portable application does not require setup in order to use it. It usually has a single executable file. and can run on removable storages such as a CD or a flash disk.
A component provides functions for other applications. A portable component has no other dependencies but the standard operating system. You don't need to install other components in order to use a portable component.