Serverless architecture is a cloud-based approach that allows developers to deploy code without worrying about infrastructure, abstracting away complexities of deployment and management by a third-party cloud provider. It's not about removing servers, but rather the concept of individual servers being managed by the provider. Serverless can drastically reduce time to market, allowing more focus on building business requirements instead of infrastructure setup. DevOps teams prefer serverless for its automatic scaling capabilities, which can be costly in traditional approaches. With serverless, systems are executed in the cloud without managing underlying infrastructure, making it ideal for backend systems and event-driven functions as a service (FaaS). Serverless computing is closely tied to FaaS, where individual code snippets are deployed and executed in the cloud, often with constrained runtime limits. The key benefit of serverless architecture is that developers only pay for what they use, reducing costs and increasing scalability. It also simplifies deployment and infrastructure configuration, making life easier for developers while improving user experience. However, it comes with security risks if misconfigured and limitations on moving to another provider. Despite these challenges, serverless architecture has many successful use cases in various industries, from smart home devices to chatbots.