Wikipedia describes Serverless computing is a cloud-computing execution model in which the cloud provider runs the server, and dynamically manages the allocation of machine resources. Pricing is based on the actual amount of resources consumed by an application, rather than on pre-purchased units of capacity. It is a form of utility computing.
Popular Cloud services include AWS Lamda.
The New Stack offers this detailed guide, and Martin Fowler describes Serverless Architectures as: Serverless architectures are application designs that incorporate third-party “Backend as a Service” (BaaS) services, and/or that include custom code run in managed, ephemeral containers on a “Functions as a Service” (FaaS) platform.