Named Entity Recognition (NER) is a common task in Natural Language Processing that aims to find and classify named entities in text, such as person names, organizations, and locations, into predefined categories. NER can be used for applications like machine translation, information retrieval, and question answering. Traditional approaches to NER involve feature extraction and training statistical or machine learning models on features, while current state-of-the-art methods use deep learning models like LSTMs combined with word embeddings. NER performance is typically evaluated using the F1 score, which balances precision and recall of named entity detection.