The Binomial Theorem is crucial for efficiently expanding binomial expressions like (a+b)^n, particularly in fields such as science and engineering. It allows for quick calculations without the need for tedious multiplication of binomials, which can reduce errors and save time. The theorem also connects to combinatorial mathematics, as the coefficients correspond to combinations, enhancing its relevance in various applications. Additionally, it facilitates approximations through infinite series, especially for expressions of the form (1+x)^n. Overall, the Binomial Theorem serves as a foundational tool in mathematical analysis and practical problem-solving.