Load balancers serve the purpose of distributing incoming network traffic across multiple servers to ensure optimal resource utilization and high availability. By evenly spreading workloads, they prevent any single server from becoming a performance bottleneck, which enhances the speed and reliability of applications and websites. Load balancers can dynamically adjust traffic distribution based on server health, traffic conditions, and other predefined criteria. This technology is crucial for modern web applications, ensuring seamless user experiences even during high-traffic events, ultimately leading to increased customer satisfaction.