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The aim of the article. The aim of the article is to clarify the ways of innovative development improvement and to update its components in order to improve the innovation's commercialization process in industrial market; it is based on necessarily of criteria and indicators system developing which is supposed to evaluate effectiveness of innovative developments, to find ways and tools how to increase the level of its implementation, etc. The results of the analysis. The development of a modern economy is characterized by intensification of globalization, integration economic extending and becomes more dependent on the ideas of generation efficient, researches and innovative products commercialization. Implementation of innovative developments in the priority sectors of the economy is becoming one of the most important backgrounds for sustainable development. Management of the innovative implementation must be focus on effective innovation implementation on the industrial market and to predict the impact of negative factors. The most challenging aspect of this process is operational identify problems that arise at each stage of innovation. Thus, the implementation of the innovation process is impossible without using the system of criteria and indicators for evaluating effectiveness of innovation, which is suggested in the article. The study produced the following results: - main directions of the innovation effectiveness process within the modern scientific markets were observed; - problems of the innovation implementation in the industrial management context were analyzed; - system of criteria and indicators in the context of the effects of its implementation was proposed. It allows evaluating the effectiveness of innovative development, and provides the ability to identify not only strategic alternatives but also the ways to improve the process of introducing innovations in the industrial market. Successful implementation of innovation facilitates helps to coordinate the economic interests of the innovation process members. That is why it is so important to count on market interests and impacts every each of them. That is why for innovative process evaluation it is strongly recommended to use the system of criteria and indicators, which involves assessment of economic, environmental, social, organizational, managerial and marketing efficiency. It makes it possible to measure innovation implementation results, which based on typical parameters for each effect. Main issues of research, which show its scientific news, are about criteria and indicators systematization which helps to evaluate innovation efficiency implementation and to identify the week links in the innovation process. The proposed system of criteria and indicators evaluating effectiveness of innovation allows using a set of indicators that take into account the interests of the innovation process to obtain the final result to improve the mechanism for implementation of innovation management and adjustment of the market introduction of innovations industrial market. Conclusions and directions of further researches. Methodological evaluation of effectiveness of innovation involves the practical application of robust algorithms, methods and models. The system of criteria and indicators for innovation effectiveness evaluating is standardized and can be used in the management of innovation of industrial enterprises. The system provides a maximum consideration of features of object management, it involves the interests of participants in the innovation process in order to choose strategic alternatives to the successful implementation of innovation. [ABSTRACT FROM AUTHOR]