PVD technologies, including vacuum arc evaporation and DC-magnetron sputtering, have been utilized in industrial settings since the early 1980s for depositing protective coatings. These coatings encompass a range of materials such as metal nitrides, carbonitrides, oxides, oxynitrides, and DLC, serving diverse applications such as cutting and forming tools, automotive components, and decoration. Vacuum arc evaporation generates a highly energized and ionized particle flux toward the substrate, while “classical” gas-ion-dominated direct current magnetron sputtering (DCMS) has limitations in generating ionized and energetic species of the sputtered target material. The development of High-Power Impulse Magnetron Sputtering (HiPIMS) has exhibited significant potential in addressing DCMS's limitations by enabling the production of highly energetic particles. This innovation, with its industrial applicability for protective coatings, was introduced around 2010. This paper aims to provide an industrial perspective on HiPIMS, serving as a guide for scientists and engineers in comprehending and implementing HiPIMS solutions. It covers historical context and fundamental characteristics. Basic features as well as state-of-the-art configurations of PVD systems are also described. Graphical representations of experimental results illustrate HiPIMS features, including operational modes, deposition rate effects, thickness uniformity, and sustainability, particularly in terms of energy efficiency. The discussion focuses on the application prospects, advantages, and constraints of industrially applied HiPIMS protective coatings, emphasizing cutting and forming tools, within the context of the findings presented.