How can case-insensitivity be achieved when replacing characters in a text using PHP functions?

When replacing characters in a text using PHP functions, case-insensitivity can be achieved by using the `str_ireplace()` function instead of `str_replace()`. This function performs a case-insensitive search for the specified substring and replaces all occurrences with the given replacement.

$text = "Hello World";
$replacement = "Universe";
$new_text = str_ireplace("hello", $replacement, $text);
echo $new_text;