Ruby on Rails (RoR) is a cost-efficient and powerful framework ideal for web application development in 2022, emphasizing rapid application development to significantly reduce development time. It offers features such as automated testing, easy integration of existing code, and a wide range of plugins through RubyGems, making it accessible for diverse industries. With a supportive community and straightforward update processes, RoR is positioned as a professional platform to rapidly bring web applications to market.