What is modalias in sysfs

I understand that MODULE_ALIAS macro has to be defined in a module in order to define a macro. But how does the kernel populate this alias name in a modalias file in the /sys/devices?
Is modalias an alternative for hotplug? Is modalias only relevant in case of udev? Can the work done by MODULE_ALIAS be done with MODULE_DEVICE_TABLE also?

Source: linux

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