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In this video tutorial, Inder discusses software maintenance as the process of making changes to a software product or service while maintaining its integrity after promotion to production. It is a crucial part of software engineering and involves evolving the software based on user feedback. Software maintenance lasts longer than development, with organizations seeking to maximize Return on Investment. Reasons for maintenance include bug fixing, implementing user enhancements, and meeting new regulations. Software maintenance is essential for ensuring the continued functionality and relevance of software products over time.