OSGi is a module system and service platform for Java that aims to overcome limitations of Java like poor support for logical partitioning, dynamic updates, and versioning at runtime. The OSGi Service Platform Architecture consists of bundles that execute within an OSGi framework and register services. The framework manages the bundles' lifecycle and provides a service layer for bundles to discover and use services. OSGi specifications have evolved over multiple releases to define the core framework and provide standardized services.