What are two types of looms?

Could you elaborate on the two main types of looms and how they differ in their functionalities and applications within the textile industry? As a practitioner in the field of cryptocurrency and finance, I'm aware that certain principles of specialization and optimization are also applicable in other industries. So, how do these looms vary in terms of their design, efficiency, and the types of fabrics they can produce? Are there any specific technological advancements or innovations that have shaped the evolution of these looms? Understanding these aspects could potentially offer insights into the dynamics of other industries, including mine.