I've seen the install
command used in a lot of Makefiles, and its existence and usage are kind of confusing. From the manpages, it seems like a knockoff of cp
with less features, but I assume it wouldn't be used unless it had some advantage over cp
. What's the deal?

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4 Answers
install
not only copies files but also changes its ownership and permissions and optionally removes debugging symbols from executables. It combines cp
with chown
, chmod
and strip
. It's a convenient higher-level tool to that accomplishes a common sequence of elementary tasks.
An advantage of install
over cp
for installing executables is that if the target already exists, it removes the target file and creates a new one. This gets rid of any current properties such as access control lists and capabilities, which can be seen both as an upside and as a downside. When updating executables, if there are running instances of this executable, they keep running unaffected. In contrast, cp
updates the file in place if there is one. On most Unix variants, this fails with the error EBUSY¹ if the target is a running executable; on some it can cause the target to crash because it loads code sections dynamically and modifying the file causes nonsensical code to be loaded.
install
is a BSD command (added in 4.2BSD, i.e. in the early 1980s). It has not been adopted by POSIX.
¹ “Text file busy”. In this context, “text file” means “binary executable file”, for obscure historical reasons.

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It provides a standardized way of manipulating a file's or directory's ownership and permissions while copying the file or creating the directory, in a single command.

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With install
command we can Copy file with desire permissions
Example which mostly use while setting up ldap
install -o ldap -g ldap /etc/openldap/DB_CONFIG_EXAMPLE /var/lib/ldap/DB_CONFIG
This save us doing chown ldap. /var/lib/ldap/DB_CONFIG
, if you copied using cp
then you also need to chown
in this scenario

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See the man page for install
:
$ man install
excerpt
SYNOPSIS
install [OPTION]... [-T] SOURCE DEST
install [OPTION]... SOURCE... DIRECTORY
install [OPTION]... -t DIRECTORY SOURCE...
install [OPTION]... -d DIRECTORY...
DESCRIPTION
This install program copies files (often just compiled) into
destination locations you choose. If you want to download and
install a ready-to-use package on a GNU/Linux system, you should instead
be using a package manager like yum(1) or apt-get(1).
In the first three forms, copy SOURCE to DEST or multiple SOURCE(s) to
the existing DIRECTORY, while setting permission modes and
owner/group. In the 4th form, create all components of the given
DIRECTORY(ies).
Mandatory arguments to long options are mandatory for short options too.
Other useful things such as installing with specific ownership, permissions, and preserving the original files timestamps can also be achieved through the use of install
.
-g, --group=GROUP
set group ownership, instead of process' current group
-m, --mode=MODE
set permission mode (as in chmod), instead of rwxr-xr-x
-o, --owner=OWNER
set ownership (super-user only)
-p, --preserve-timestamps
apply access/modification times of SOURCE files to corresponding
destination files
References

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5As I said in the question, I read the main page; it left me unenlightened as to what this adds to the functionality of cp. – azernik Oct 12 '13 at 22:01
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slm highlighted the specific functionality that sets the two apart: you can set specific owner, group, and mode for the destination file with
install
, rather than just preserving existing permissions as withcp
– Joshua Miller Oct 13 '13 at 03:33
install
does a copy followed by chown and chmod, all separate syscalls, and doesn't use rename-into-place (at least as of coreutils 8.13 the GNU version doesn't). If you assume it all happens atomically, you might get a nasty surprise. – Oct 14 '13 at 00:55