This question requires you to define and elaborate on the concept of MapReduce, a term mainly associated with Big Data and distributed computing. Your focus should be on what MapReduce entails, its components (the Map and Reduce functions), the process it employs, and its applications. Key aspects to consider may include the division of tasks, the functions of mappers and reducers, the idea of key-value pairs, its fault-tolerance capabilities, and a brief overview of its application in data processing workflows within the industry.