The rate of precession refers to the angular velocity at which the axis of a spinning object, such as a gyroscope, moves around another axis due to external torque. This phenomenon occurs when a torque is applied perpendicular to the direction of the angular momentum vector, causing the object to precess rather than fall in the direction of the torque. The rate of precession is crucial for understanding the stability and behavior of gyroscopic systems in various applications, including navigation and engineering.