Implementing a microservices architecture in software development offers several benefits, including improved scalability and flexibility. Each microservice operates independently, allowing teams to develop, deploy, and scale components autonomously. This modular approach enhances development speed as multiple teams can work on different services simultaneously. It also fosters better fault isolation, meaning that issues in one microservice do not compromise the entire application. Additionally, microservices promote the use of diverse technologies, enabling teams to choose the best stack for each service, resulting in increased innovation and efficiency within development cycles.