Amazon Lambda's Provisioned Concurrency feature offers control over the performance of serverless applications, enabling adaptive scaling and reducing cold starts. This feature is particularly useful for applications with predictable traffic patterns or those that require guaranteed latency, such as a food delivery service experiencing spikes in deliveries during lunch and dinner times. By using Provisioned Concurrency, developers can avoid cold starts, improve user experience, and reduce costs associated with on-demand concurrency. The feature works seamlessly with AWS Auto Scaling, allowing for automatic scaling based on utilization level or schedule. Lumigo, a serverless monitoring solution, also provides insights into cold starts and performance issues, enabling fine-tuning of Provisioned Concurrency to minimize costs and improve application performance.