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Serverless architecture is a cloud computing execution model where the cloud provider dynamically manages the allocation of machine resources. In a serverless architecture, applications are hosted on managed services, and the cloud provider takes care of the infrastructure, including servers, storage, and networking. This model allows developers to focus on writing code rather than managing servers, which can lead to faster development cycles and reduced operational overhead.

Serverless architectures are typically event-driven, meaning that they execute code in response to specific events, such as HTTP requests, database changes, or file uploads. This event-driven nature makes serverless architectures highly scalable and cost-effective, as resources are only allocated when needed and automatically deallocated when not in use.

There are several types of serverless architectures, including:

1. Function as a Service (FaaS): In this model, developers write and deploy individual functions that are executed in response to events. Examples include AWS Lambda, Azure Functions, and Google Cloud Functions.

2. Backend as a Service (BaaS): BaaS provides a complete backend infrastructure, including databases, authentication, and APIs, allowing developers to focus on the frontend of their applications. Examples include Firebase and AWS Amplify.

3. Event-Driven Architecture: This model uses events to trigger the execution of functions or workflows. It is often used in microservices architectures to decouple services and improve scalability. Examples include AWS Step Functions and Apache Kafka.

Serverless architectures offer several benefits, including reduced operational overhead, automatic scaling, and cost savings. However, they also have some limitations, such as cold start latency, vendor lock-in, and limited control over the underlying infrastructure. Despite these limitations, serverless architectures are becoming increasingly popular due to their flexibility, scalability, and cost-effectiveness.