Maintenance involves keeping software or assets in working condition. There are four main types of maintenance: corrective, adaptive, preventive, and perfective. Maintenance is needed to fix problems, adapt to new environments, prevent issues, and improve performance. While necessary, maintenance is costly due to the work required to modify existing software. Efforts like designing for change and documentation can help reduce these costs. Overall, maintenance plays a critical role in maximizing the usefulness of software over its lifetime.