Interpolation Search is an efficient algorithm used to find the position of a target value within a sorted array. Unlike Binary Search, which divides the array in half, interpolation search estimates the position based on the value of the target and the values at the endpoints of the array. This method works best when the data is uniformly distributed. The algorithm begins by calculating a probe position using a formula that considers the low and high indices of the array, as well as the target value. If the target is found at the probe position, the search is complete; otherwise, the search continues in the appropriate subarray until the target is located or the search space is exhausted.