What is the difference between an incremental and iterative development approach?

A Iterative development is used when progressive elaboration is needed to clarify and refine an initial idea, concept, or vision. Incremental development is focused on delivering components of the deliverable over a period time.

There is no difference between them. They mean the same thing.

Incremental development is focused on product improvement. Iterative development is focused on development process improvement.

An iterative approach is used for digital products, and an incremental approach is used for physical products.