The present and future of serverless observability involves overcoming new challenges presented by serverless architectures. These challenges include not having access to install agents or daemons on functions, no ability to perform background processing, higher concurrency of requests to logging and metrics systems, and a high chance of data loss due to batching. Observability tools need to evolve to provide a bird's eye view of the entire system as asynchronous functions interact, and help debug interactions between functions and external services.