Praise is the form of prayer which recognizes most immediately that God is God. It lauds God for his own sake and gives him glory, quite beyond what he does, but simply because HE IS. It shares in the blessed happiness of the pure of heart who love God in faith before seeing him in glory. By praise, the Spirit is joined to our spirits to bear witness that we are children of God, testifying to the only Son in whom we are adopted and by whom we glorify the Father. Praise embraces the other forms of prayer and carries them toward him who is its source and goal: the "one God, the Father, from whom are all things and for whom we exist."
Source: Catechism of the Catholic Church (Vatican.va)