The incremental process model involves dividing a software project into separate builds or modules. Each module goes through requirements, design, implementation, and testing individually before being integrated into the overall product. Subsequent releases add new functionality to the previous version until the full system is complete. The incremental model allows for flexibility, lower costs, early delivery of working software, and easier management of risk compared to the waterfall model. However, it requires good upfront planning and a clear definition of the whole system requirements. This model is often used for web applications where major requirements are known but details can evolve over time.