Industry knowledge refers to the knowledge and understanding that a business analyst collects and learns by working within a particular industry. It can include knowledge of current practices in a particular industry or similar business processes performed across industries (for example, financial processes such as payroll processes). 

Having industry knowledge involves gaining an understanding of aspects such as the following:

• Current trends
• Market forces
• Market drivers
• Key processes
• Services
• Products
• Definitions
• Customer segments
• Suppliers
• Practices
• Regulations

Industry knowledge also includes having knowledge and understanding of where a company is positioned within an industry and what the primary impacts and dependencies that exist within a market and people are.