Induction is a method, completely different from all other cooking technologies- it does not involve generating heat which is then transferred to the cooking vessel, it makes the cooking vessel itself the original generator of the cooking heat.
An induction cooking equipments are faster and more energy-efficient than a traditional electric or gas burners cooking surface. Other cooking methods that use flames or hot heating elements have a significantly higher loss to the ambient; induction heating directly heats the pot.
(To be technical, the field generates a loop current - a flow of electricity - within the metal of which the cooking vessel is made, and that current flow through the resistance of the metal generates heat, just as current flowing through the resistance element of a conventional electric range's coil generates heat; the difference is that here, the heat is generated directly in the cooking vessel itself, not in any part of the cooking equipments.)