This book explores the phenomenon of cyclical dynamics at industry level, or industry cycles as they are more conventionally known.The research focuses on the cyclical behaviour in three global IT industries, namely semiconductors, personal computers and flat panel displays. The study firstly develops a procedure to identify and measure industry cycles using a number of rigorous instruments. The procedure is applied to the industry data of the global industries in order to estimate their industry cycles. The estimated industry cycles are compared with those reported by industry experts and the results are discussed. The book explores the potential forces behind industry cycles, involving the mechanisms dominated by the aggregate business cycles, by mismatch and delay between different market dynamics and by innovations. The study finally investigates the implications of cyclical industrial dynamics for other areas of industrial dynamics such as the firm size distribution (FSD), firm growth and firm entry and their implications for strategizing by firms.