Which statement best describes the purpose of serverless technology?

Serverless technology abstracts the underlying server management, allowing developers and organizations to concentrate on building and deploying applications without the need to manage infrastructure. By utilizing serverless architectures, such as AWS Lambda or Azure Functions, developers can write code that automatically scales and responds to events without having to provision or maintain servers.

This leads to increased efficiency, as teams can focus on high-level tasks such as analytics, business logic, and feature development rather than worrying about server maintenance and scaling issues. The serverless model also enables a pay-as-you-go pricing structure, where costs are incurred only when the code is running, allowing for better resource optimization.

The other options do not accurately capture the essence of serverless technology. Managing server hardware directly contradicts the purpose of serverless, and while application development is still necessary, serverless does not eliminate its need. Similarly, stating that serverless reduces costs by eliminating cloud service usage misrepresents the model. Instead, it efficiently utilizes cloud services to scale as needed while optimizing cost based on usage.