The significance of Git in software version control lies in its ability to track changes, enable collaborative development, and maintain the integrity of project history. Git provides developers with tools to manage multiple versions of source code, facilitating branching and merging processes that allow teams to work on features independently. Its distributed nature enables every collaborator to have a complete project history, improving reliability during conflicts. Additionally, platforms like GitHub further enhance the collaborative capabilities of Git, enabling teams to share code and manage projects smoothly.