'DSP' is an acronym that stands for Digital Signal Processor. It is a specialised microprocessor that is designed specifically for the digital processing of signals. Digital signals can be manipulated mathematically and processed in real-time, offering a quicker and more efficient method of processing compared to analog signals. Therefore, DSPs are required for a vast array of consumer and professional electronics.

Digital Signal Processors are recognised for their speed, precision, and flexibility. These characteristics have made them indispensable in today's world of electronics. DSPs are not just simple processors, as they come with additional functionalities and features. Their power comes from real-time digital signal processing, which enables them to process complex mathematical functions swiftly and efficiently.

Equipped with high-speed data fetching capabilities and quick instruction execution, DSPs can easily handle substantial levels of signal processing tasks. This makes them exceptionally useful in areas requiring real-time signal processing, such as communications systems, audio and video processing, process control, and more.

While the primary function of a DSP is to accelerate the digital signal processing, it also offers several integrated features. It typically comes with powerful computational capabilities, including multiplier, accumulator, barrel shifter, and other operation units. Beyond this, DSPs perform other tasks such as data addressing, program control flow, and data moving operations.

Many digital devices currently in use contain a DSP. For example, modems and high-capacity hard disks often contain DSPs. Furthermore, in multimedia applications such as image and video processing, DSPs perform tasks such as image recognition and video compression. They are also widely used in telecommunications to modulate signals, filter frequencies, and perform spectral analysis.

In addition, DSPs play a crucial role in medical imaging, seismic data analysis, RADAR and SONAR applications, amongst others. In these applications, a DSP's role involves collecting data, converting analog signals to digital ones, and interpreting and analyzing the information. They offer high-speed performance, high precision, and a power-efficient way of processing these signals.

To summarize, DSP is a vital technology that serves an array of applications. Its ability to perform sophisticated digital signal processing maneuvers in real-time makes it a staple in many technological devices. As digital signals and information become increasingly important in today's connected world, the role of DSPs is likely to become even more significant.