PHP, created in 1995 by Rasmus Lerdorf, has grown to handle over 35% of web traffic and powers 75% of websites, including giants like Facebook and WordPress. Its success is attributed to its open-source nature, cross-platform compatibility, ease of use, and extensive development resources, making it suitable for various website types and businesses. PHP offers strong security features, a wide range of extensions, and access to a large community of developers, ensuring its continued relevance in web development.