Moore's Law is significant in computing as it predicts that the number of transistors on a microchip doubles approximately every two years, leading to increased processing power and reduced costs. This trend has driven exponential growth in technology, allowing for more powerful and efficient devices over time. It has influenced the design and manufacturing of semiconductors, spurring innovation across various industries, including computing, telecommunications, and consumer electronics. Moore's Law underscores the rapid pace of technological advancement and its impact on products, industry standards, and economic models.