Schema markup is basically data fields of hidden code for search engines to better define your website. Most schema microdata better defines what your business is about, and makes it easier for the search engines to find. This includes review stars, recipes, hours open, and many more categories.
Schema microdata markup guides search engines in thoroughly understanding what your website content is about. Name, address, phone numbers and other predefined categories are labeled with fields; the fields are tagged with names so the informative content is easily added with plugins.
Schema tags can be used on standard website pages, blog pages, social media platforms, music and video’s individually as well.
Google uses schema.org to show structured data and other information about websites on the search results page.
For example, when searching for an event type, you may see an information box on the right side of the results. The knowledge box might include specific type event information about your query.
Most SEO’s confirm that schema can directly affect your search engine rankings. I have seen research showing that websites with schema often have better a click through rate as well as conversion rates.