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Even your average point-and-shoot camera will have a light meter built-in. Most of these are "average meters" that take an average reading of the light that reaches the lens, or possibly "centre-spot meters" which measures the light from a subject at the centre of the 'frame'. It is these light values that are used to calculate the exposure time or lens aperture.
A professional photographer will need a more accurate measurement of the light levels from his subject - including highlights and lowlights. He may want to capture a certain quality, or deliberately want shadowed areas to appear very dark. His hand-held light-meter allows him to accurately expose for the desired effect.