PON (Passive Optical Network) is a fiber optic network architecture that uses unpowered optical splitters to enable a single fiber to serve multiple premises. It provides higher bandwidth compared to traditional copper networks. The key components of a PON include an Optical Line Termination device at the service provider's central office, Optical Network Units/Terminals near end users, and an Optical Distribution Network containing splitters, fibers, and connectors to transmit data.