Serverless computing is a cloud computing execution model that allows developers to build and run applications without managing the underlying infrastructure. In this model, cloud providers automatically allocate resources as needed, enabling developers to focus solely on writing code. The benefits include reduced operational costs, as payment is based only on actual resource consumption, and increased scalability, allowing applications to efficiently handle varying loads. Additionally, serverless computing accelerates development speed since developers can deploy updates more frequently and develop in a more agile environment, fostering innovation and responsiveness to market demands.