PHP stands for Hypertext Preprocessor, which is an open source server side scripting language. It is specially for creating & managing dynamic website content, session tracking.
PHP is used by many Multinational IT companies to develop efficient websites for their clients. It is also used by many freelancers who do website development for their small scale and medium scale clients.
The scope for PHP is still high as it is used by many IT organizations currently and there are few things which are done only by using PHP for website development as few developers feel that it's only the efficient way of creating a website. The other advantage of using PHP in website development is, a wide range of databases are supported. It is one of the secure ways of creating a website and moreover it is very easy to set up and use.
Anyone who has a computer science background in their under/post graduation is eligible to learn PHP and they have the opportunity to work in IT companies which use the PHP platform to develop websites for their clients.