Modular systems are usually easier to maintain and update, as well as being faster to develop in the first place. So what is modularity?
A modular system is one that consists of a number of small, coherent, chunks (or modules) each of which is self-contained and has a well-defined interface.
Modularity is the single attribute of software that allows a program to be intellectually manageable.
G Myers, 1978
Modularity helps to reduce complexity. A modular system can be understood in terms of the individual modules, without having to grasp all the details at once. Modularity thus provides abstraction.
If the module boundaries are drawn appropriately, modifications to the system are often confined to one or two modules, thus simplifying the modification process.
Another advantage of modularity is that it facilitates code reuse. Again, if the modules are well defined, a single module can be used in several different systems, thus reducing the need to reinvent the wheel.