Amid growing competition and accelerating technological progress, the concept of industrial ecosystems is getting increasingly important in enhancing the efficiency and sustainability of industrial development. This study presents a literature review on industrial ecosystems, their role in technological development, and key characteristics that differentiate them from other models of cooperation and industrial connectivity. We distinguish between four possible ways to interpret the phenomenon of industrial ecosystems, namely as a localized complex, an integrated formation, a network organization, and a self-organizing system. On this basis, we clarify and systematize blocks of industrial ecosystems’ attributes related to the conditions for their formation and a block of resultant attributes conveying their specific character. The research shows that technology niches can act as starting points for the formation of industrial ecosystems by providing support for radical innovation. Our analysis also demonstrates that the innovative component of industrial ecosystems drives technological progress through the creation of innovative value chains. Industrial ecosystems are a new organizational form that goes beyond traditional industrial structures. They play a key role in increasing the resilience of economic systems in the face of global challenges. Theoretical significance of the article lies in systematization of knowledge about industrial ecosystems, which creates the basis for further research in this field. The research findings will be useful for establishing the research framework.