Serial computing involves breaking a problem into sequential instructions executed on a single processor. Parallel computing breaks a problem into discrete parts that can be solved concurrently on multiple processors. It allows for simultaneous execution of instructions to solve large, complex problems faster than serial computing. Modern computers are inherently parallel with multiple cores and hardware threads. Parallel computing is used across science, engineering, industry and commerce to save time and money, solve larger problems, provide concurrency, and make better use of underlying parallel hardware.