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Numpy, also known as Numerical Python, is a library for scientific computing. It contains various array and derived objects, including matrices and arrays, and a set of routines to quickly complete operations.

Numpy helps in various math-related fields such as linear algebra, Fourier transforms, statistics, simulations, etc. The ndarray object is the core of the package, which ensures fast compilation and thus high performance.

This library adds array support to Python as a data structure suitable for numerical work. Unlike Python lists, these arrays are allocated a fixed size from the beginning and can only contain data of the same type.

Due to the characteristics of its methods and data structures, Numpy helps in processing large data sets and enables programmers to perform math-related operations with fewer lines of code, thus increasing efficiency. For example, it can easily process matrices or find eigenvectors in Python.

Numpy supports multiple versions of Python and is an open source project, which means that it is allowed to be used in commercial environments. The library can be modified through its source code to further enhance its functionality.