The Factory Pattern is a design pattern used in software development to create objects without specifying the exact class of the object that will be created. Instead of calling a constructor directly, a factory method is used to encapsulate the object creation process. This allows for greater flexibility and scalability, as new types of objects can be added without altering existing code. In this pattern, a central factory class is responsible for instantiating objects based on given parameters. This promotes loose coupling and adheres to the Single Responsibility Principle, making the code easier to maintain and extend. The Factory Pattern is commonly used in frameworks and libraries to manage object creation efficiently.