Question

Is a group of companies producing a similar product or service

Answer 1

An industry is a group of companies that offer similar products or services.
Generally, groups of companies compete within a given industry, such as the mobile phone industry or automotive industry. Industry competitors include Toyota, Ford and Honda.

Answer 2

INDUSTRY is a group of companies producing a similar product or services.
There are different types of industry depending on the kind of product they produce or the kind of service they offer. Examples are manufacturing industries, technological industry, engineering industry, construction industry, etc.