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Pydantic is a Python library used for data validation and settings management via Python type annotations. It enforces type hints at runtime, making it user-friendly by providing helpful error messages when data is incorrect. It is widely used and downloaded millions of times a day by thousands of developers worldwide. Pydantic allows custom data types to be defined, and it has a custom validation mechanism, making it an easy-to-use and efficient tool for parsing requests and responses. In addition, Pydantic is often used in the FastAPI framework as it has built-in support for JSON encoding and decoding. Compared to other data validation libraries, such as marshmallow, Pydantic returns Python objects directly, making it a powerful tool in data modeling and parsing. It provides the dataclass decorator which creates dataclasses with input data parsing and validation. Pydantic also has a built-in support for JSON encoding and decoding, which makes parsing JSON data effortless.