The Agile development model is an incremental model where software is developed in rapid cycles with small incremental releases. Each release builds on previous functionality and is thoroughly tested. Agile emphasizes customer satisfaction through frequent delivery of useful software, as well as interactions between customers, developers and testers. It is well-suited for time-critical applications and when new changes are needed, as Agile allows for flexibility and minimal costs to implement changes. While documentation and planning may be less emphasized, Agile supports regular adaptation and welcomes late changes in requirements.