Spark is a fast, large-scale data processing engine that can be 10-100x faster than Hadoop MapReduce. It is commonly used to capture and extract data from various sources, transform the data by handling data quality issues and computing derived fields, and then store the data in files, databases, or data warehouses to enable querying, analysis, and visualization of the data. Spark provides a unified framework for these functions and is an essential part of the modern big data stack.