Platform Events allow streaming of data between Salesforce and third party applications in near real-time by eliminating polling requests. They offer scalability by supporting streaming of millions of events and point-and-click integration. Platform Events can be used for use cases like notifying accounting of opportunities being closed, creating leads from social media plugins, and broadcasting case record changes to third party systems like Jira and ServiceNow. Considerations for using Platform Events include supported data types, how to publish and subscribe to events, number of subscribers, and event retention period.