The Hadoop Ecosystem is an open-source framework designed for efficient processing and management of large data sets, known as big data, across various clusters. It comprises several core components including HDFS for storage, MapReduce for processing, YARN for resource management, and additional tools like Hive, Pig, and HBase for data querying and analytics. Together, these components work to provide scalable, reliable, and fault-tolerant data solutions, making Hadoop a critical technology for industries handling vast amounts of data.