Popularity of study of clusters in economic research grows. Thus, researchers direct their efforts for study of this economic
phenomenon and practitioners – for realization of cluster approach in economies of particular regions. Territorial concentration
is not always a condition for the formation of a cluster; besides, it cannot always ensure its competitiveness. That’s why the
article analyzes cluster approach and the sense of cluster phenomenon and proves inconsistency of application of only
geographical approach to explanation of its nature; the author substantiates the market approach, which describes non-linear
process (technology) of cluster institutionalization, when in the favorable market situation, macro-environment, and microenvironment
around the main production of innovational and competitive products there appear a range of enterprises, which,
for the purpose of optimization of transaction costs, form the effective chain of values, characterized by investment
attractiveness and potential of development. Market approach, which describes the order of institutionalization of cluster, allows
transitioning to the main stage of any economic research – to possibilities of formation of mathematical apparatus which
describes cluster architecture and allows modeling its perspective development.