Both Industry and Market are often construed. The market works on the principle of demand and supply while the industry is a component of the market that renders specific services depending on the trends, accessibility, and choices.
Industry vs Market
The main difference between Industry and Market is that the industry is a business model regulated by governance, while a market is driven by the demographics, customer preferences, and correlating distribution channels. Both are driven by consumerism and demands.
To simplify, the market is a place where the buyers and sellers can operate and function in a systemic pattern of negotiating and cracking deals. The industry is the producer of specific goods, services, commodities that are to be transacted in the market.
Comparison Table Between Industry and Market
| Parameter of Comparison | Industry | Market |
|---|---|---|
| Deals with | Producer | Consumer |
| Concerned with goods | One particular market or firm | Various good, products are purchased |
| Presence | In Actuality | Can be virtual, E-selling and in Actuality |
| Competition | Among various other industries | Exists between various industries, buyers and sellers. |
| Classification | Maximize sales and profit | Product and Factor Market |
| Approach | Competition | Sales |
What is Industry?
The industry is an operational chain of firms, more or less similar to each rendering services through offering, goods, services, commodities. An industry is a distinct group that acts as a producer, manufactures of products through labor and creative processes.
For example, Automobile, banking, agriculture, aviation, textiles are all called industries; an overarching umbrella term. Industry relates to the overall economy of the country and can be privatized and be under government regulations as well.