Differentiate between process.nextTick() and setImmediate()?

In Node.js, process.nextTick() and setImmediate(), both are functions of the Timers module which help in executing the code after a predefined period of time. But these functions differ in their execution. The process.nextTick function waits for the execution of action till the next pass around in the event loop or once the event loop is completed only then it will invoke the callback function. On the other hand, setImmediate() is used to execute a callback method on the next cycle of the event loop which eventually returns it to the event loop in order to execute the I/O operations.