The significance of the software development lifecycle lies in its structured approach to software creation, encompassing stages from planning and design to deployment and maintenance. This lifecycle helps ensure that software is developed systematically and meets user requirements effectively. By following defined phases, teams can manage timelines, allocate resources, and mitigate risks more efficiently. Additionally, adhering to the lifecycle enhances collaboration among team members, improves quality control, and leads to higher satisfaction for both developers and end-users.