NumPy, which stands for Numerical Python, is a fundamental library for scientific computing in Python. It provides support for arrays (including multidimensional arrays), as well as an assortment of mathematical functions to operate on these arrays. With NumPy, scientific and mathematical computations are simpler and faster. The library provides a wide range of functionalities including statistical operations, random number generation, linear algebra, and much more. NumPy serves as the foundation for many other Python libraries, especially those used in data science, machine learning, and scientific research. Its efficient array manipulation capabilities make it highly popular among researchers and developers alike.