Serverless computing is an execution model where code runs in managed environments without the need to provision or manage servers. It provides automatic scaling, requires no server management, and allows paying per use rather than for dedicated resources. Popular serverless technologies include AWS Lambda, Azure Functions, Google Cloud Functions, and App Engine which allow code deployment via events and pay-per-use pricing. Serverless architectures simplify application design by separating concerns into event-driven functions and removing dependencies on infrastructure.