Industry/ˈɪndəstri/ Definition 1 of 3Pro Tip 1/3Wide Scope From handcraft to high-tech, 'industry' encompasses all areas of production. The tourism industry includes everything from hotels to travel agencies. Pro Tip 2/3Not Always Physical 'Industry' can refer to services as well, not just tangible products. The financial industry plays a crucial role in the economy. Pro Tip 3/3Collective Term Use 'industry' to talk about all the firms in a particular market, not just one. The fashion industry is known for its vibrant styles and innovation.