Data visualization is the process of representing complex data in a graphical format, making it easier to understand and interpret. It plays a crucial role in identifying patterns, trends, and outliers within datasets, leading to faster insights and better decision-making. Key tools for data visualization include Tableau, Looker Studio, FiftyOne, Matplotlib, Seaborn, Plotly, Bokeh, Vega-Altair, and Panel. These tools offer a wide range of plot types, interactive features, and seamless integration with other data science libraries, making them essential for unlocking the potential of data in today's world.