Java is significant for businesses for several reasons. Firstly, it is platform-independent, meaning that applications written in Java can run on any device equipped with the Java Runtime Environment (JRE). This flexibility is essential for cross-platform development, reducing the cost and complexity of software development. Moreover, Java is known for its security features, making it a preferred choice for enterprise applications that require robust security measures. Its object-oriented nature allows for modular, scalable, and maintainable code, which is vital for businesses looking to grow and evolve their systems over time.