NumPy, short for Numerical Python, is a powerful library in Python designed for numerical and scientific computing. It provides support for multi-dimensional arrays and matrices, along with a vast collection of high-level mathematical functions to operate on these data structures. NumPy is particularly valued for its efficiency, as it allows for faster computations compared to traditional Python lists. It is widely used in data science, machine learning, and engineering applications, making it an essential tool for anyone working with numerical data. With its array-oriented computing capabilities, NumPy simplifies complex mathematical operations and enhances performance.