'Java' is a class-based, object-oriented programming language, known for minimal implementation dependencies. It's a versatile language, extensively applied in enterprise applications and the development of large-scale systems.

Java was developed by Sun Microsystems (now a part of Oracle Corporation) in the mid-1990s. Its guiding principle, ‘Write Once, Run Anywhere’ (WORA), signifies that Java code, once compiled, can operate on any platform supporting Java without needing recompilation. This aspect contributes to Java’s acclaim for performance, scalability, and security.

In the domain of web development, Java is particularly favored for server-side applications, supported by frameworks like Spring and Hibernate. Its reliability and user-friendliness make it a preferred choice for constructing large-scale web applications. Additionally, Java's role in Android app development highlights its significance in the mobile technology sphere.

Java's effective memory management, including an automatic garbage collector, alongside its high performance, renders it ideal for handling high-traffic websites and complex software projects. Its extensive libraries and APIs equip developers with a plethora of tools for creating robust, efficient applications.

In summary, Java's platform-independent nature, comprehensive feature set, and robust community support establish its importance in both web and software development landscapes. Its value remains high among developers, especially those engaged in developing enterprise-level solutions and complex systems.