Noun: It refers to the process of reasoning from specific instances to a general conclusion. For example: "The scientist used induction to develop a theory based on her observations."
Verb: It means to formally admit someone into a position or organization, or to bring about a state of hypnosis. For example: "The company inducted its new employees last week." or "The therapist used hypnosis to induce a trance."
The part of speech depends on its use in the sentence.