NullPointerException is a prevalent issue in Java applications, occurring when code attempts to access methods or properties of a null object, leading to program crashes. The exception is most commonly triggered by calling methods on null objects, accessing properties or index elements of null objects, passing null parameters, incorrect dependency injection configurations, using synchronized on a null object, or throwing null from methods. An example demonstrates the exception by calling the length() method on a null String, which crashes the program. Prevention techniques include checking for null before using an object, utilizing Apache Commons StringUtils for String operations, preferring primitives over objects, and returning empty objects instead of null. An updated example shows how using StringUtils.isNotEmpty() can prevent the exception by ensuring the String is not null or empty before accessing its length. Preventing NullPointerExceptions is crucial as they can disrupt user experiences and lead to production errors, which can be managed more effectively using tools like Rollbar for real-time error monitoring and analysis.