A product road map is significant in development as it serves as a strategic planning tool that communicates the vision and direction of a product over time. It outlines essential features, milestones, and timelines, helping teams prioritize tasks and allocate resources efficiently. By providing a clear visual representation of the product's goals and evolution, a road map fosters alignment among stakeholders and teams. It also enables stakeholders to understand the product’s value proposition and market positioning, ensuring that development efforts align with user needs and business objectives.