How can memoization improve performance in React components?

Memoization is an optimization technique that stores results of expensive function calls and returns the cached result when the same inputs occur again. In React, you can use:

• React.memo to prevent unnecessary re-renders of functional components.
• useMemo to memoize computation results based on dependencies. Benefits include:
• Improved performance by minimizing rendering logic for unchanged data.
• Better user experience with faster interactions. However, excessive use can lead to complexity and memory overhead if not managed properly.