MongoDB is a high-performance, open-source, NoSQL database program designed to handle vast amounts of data more proficiently than traditional, relation-based databases. It uses a document-oriented database model that supports different forms of data. It is part of the newer group of databases known as NoSQL, which reject the conventional row-and-column schema utilized in relational databases like MySQL, PostgreSQL, and MS SQL Server.

Boasting dynamic schemas and BSON format, MongoDB allows you to change your schemas based on business requirements quickly. Thus, this powerful tool significantly improves the speed of data processing, notably for large sets of data and real-time applications. Its main features include high availability, automatic scaling, and geographical distribution. It can also offer a rich list of querying and data processing options, such as indexing, aggregation, and text search, amongst others.

One of the distinctive strengths of MongoDB comes from its use of JSON-like documents, meaning that the database can store records just as they are, which makes the data much more intuitive. It can also allow the user to query these BSON documents on the fly. MongoDB's document model maps to the objects in your application code, making data easy to work with no complex joins and no multi-document transactions.

Using MongoDB can be beneficial in a wide range of application requirements. For instance, if you are developing a mobile application, MongoDB can provide the backend data infrastructure. If you have large, unprocessed data from your IoT devices or log data, it can store it for later data analysis and processing. If you're creating content delivery networks, MongoDB can control and track the content metadata reliably.

With its dynamic schemas, MongoDB is exceptional when dealing with a lack of structure in your data because it allows flexibility in terms of what data you are storing. This feature simplifies your process of storing and combining data of different structures, avoiding complicated migrations.

Overall, MongoDB has democratized NoSQL databases, making it easier for developers to adapt and understand the necessity of database management. It has gained popularity and substantial use due to its ability to handle a massive quantity of data whilst simultaneously enhancing the capability to outperform traditional databases. Not only does MongoDB allow developers and businesses to be more agile and scalable, but it also provides an easy-to-use platform that elevates the capability of your data management efforts.