NumPy is a Python library that provides multi-dimensional array and matrix objects to handle large amounts of numerical data efficiently. It contains a powerful N-dimensional array object called ndarray that facilitates fast operations on large data sets. NumPy arrays can have any number of dimensions and elements of the array can be of any Python data type. NumPy also provides many useful methods for fast mathematical and statistical operations on arrays like summing, averaging, standard deviation, slicing, and matrix multiplication.