Industry Sector
(Redirected from industry classification)
An Industry Sector is a economic category that classifies industries based on shared characteristics and economic activity types.
- AKA: Economic Sector, Business Sector, Industry Classification.
- Context:
- It can typically organize Industry Activity through industry classification systems.
- It can typically define Industry Boundary through industry categorization criteria.
- It can typically measure Industry Performance through industry performance metrics.
- It can typically track Industry Trend through industry analysis methodology.
- It can typically evaluate Industry Health through industry health indicators.
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- It can often compare Industry Growth across industry growth timelines.
- It can often identify Industry Opportunity through industry market analysis.
- It can often predict Industry Future through industry forecasting models.
- It can often analyze Industry Risk through industry risk assessment.
- It can often map Industry Ecosystem through industry relationship networks.
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- It can be defined by an Industry Taxonomy, which organizes industries into groupings based on similar production processes, products, or financial market behaviors.
- It can encompass various economic activities and businesses within a specific category.
- It can be used for statistical analysis, economic forecasting, and business strategy development.
- It can help understand an economy's structure and dynamics by categorizing different types of industries.
- It can vary by region, with different countries or organizations using their own classification systems.
- It can include sectors such as agriculture, manufacturing, services, and information, each with distinct characteristics and economic contributions.
- It can be influenced by technological advancements, regulatory changes, and market trends.
- It can be critical in shaping public policy, investment decisions, and economic planning.
- It can provide a framework for comparing the performance of companies within the same sector.
- It can facilitate the analysis of industry-specific risks and opportunities.
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- It can range from being a Primary Industry Sector to being a Quaternary Industry Sector, depending on its industry evolutionary stage.
- It can range from being a Traditional Industry Sector to being an Emerging Industry Sector, depending on its industry technological maturity.
- It can range from being a Local Industry Sector to being a Global Industry Sector, depending on its industry geographic scope.
- It can range from being a Regulated Industry Sector to being an Unregulated Industry Sector, depending on its industry regulatory framework.
- It can range from being a Resource-Driven Industry to being a Information-Driven Industry, depending on its value creation source.
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- It can integrate with Economic Systems for industry economic impact assessment.
- It can connect to Educational Systems for industry workforce development.
- It can support Policy Systems for industry regulatory compliance.
- It can interact with Innovation Systems for industry technological advancement.
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- Examples:
- Primary Industry Sectors, such as:
- Agricultural Industry Sectors, such as:
- Extractive Industry Sectors, such as:
- Secondary Industry Sectors, such as:
- Manufacturing Industry Sectors, such as:
- Construction Industry Sectors, such as:
- Tertiary Industry Sectors, such as:
- Retail Trade Industry Sectors, such as:
- Financial Industry Sectors, such as:
- Healthcare Industry Sectors, such as:
- Transportation Industry Sectors, such as:
- Legal Industry Sectors, such as:
- Quaternary Industry Sectors, such as:
- Information Industry Sectors, such as:
- Knowledge-Based Industry Sectors, such as:
- Government Sector, which includes public administration and defense activities (e.g. public services, defense industry).
- Retail Trade, encompassing businesses that sell goods and services directly to consumers (e.g. supermarkets, e-commerce).
- Mining Sector & Logging Sector, involved in the extraction of natural resources (e.g. coal mining, timber industry).
- Manufacturing Sector, which covers the production of goods through industrial processes (e.g. automotive industry, electronics manufacturing).
- Information Industry, focusing on the creation, distribution, and manipulation of information (e.g. news industry, software development).
- Healthcare Sector, which provides medical services, research, and patient care (e.g. hospitals, pharmaceutical industry).
- Legal Sector, which includes law practices, legal services, and legal tech (e.g. legaltech industry, law firm industry).
- Financial Sector, encompassing banking, insurance, and investment services (e.g. commercial banks, investment firms).
- Agricultural Sector, involving the cultivation of crops and livestock (e.g. crop farming, dairy farming).
- Transportation Sector, which includes businesses that move goods and people (e.g. logistics companies, public transportation).
- Energy Sector, focused on producing and distributing energy resources (e.g. oil and gas sector, renewable energy sector, battery sector).
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- Primary Industry Sectors, such as:
- Counter-Examples:
- A Non-Profit Sector, which focuses on activities aimed at serving the public good rather than generating profit.
- A Household Sector, which includes private individuals and families as consumers rather than businesses or industries.
- A Volunteer Sector, which involves unpaid work for charitable or community purposes rather than economic activities for profit.
- A Shadow Economy, which includes unregulated and often illegal economic activities that are not classified within formal industry sectors.
- Economic Region, which represents a geographic area with shared economic characteristics rather than a categorization of industries.
- Industrial Cluster, which refers to a geographic concentration of interconnected businesses rather than a broad economic category.
- Value Chain, which describes the full range of activities needed to create a product or service rather than a classification of industries.
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- See: International Standard Industrial Classification, United Nations Statistics Division, North American Industry Classification System, Statistical Classification of Economic Activities in The European Community, European Community, Australian And New Zealand Standard Industrial Classification, Standard Industrial Classification, Industry Classification Benchmark, FTSE Group, Global Industry Classification Standard, Economic Structure, Industrial Organization, Market Segmentation, Economic Analysis.
References
2014
- (Wikipedia, 2014) ⇒ http://en.wikipedia.org/wiki/Industry_classification Retrieved:2014-5-2.
- Industry classification or industry taxonomy organizes companies into industrial groupings based on similar production processes, similar products, or similar behavior in financial markets.
A wide variety of taxonomies is in use, sponsored by different organizations and based on different criteria. [1] 1The NAICS Index File [2] lists 19745 rubrics beyond the 6 digits which are not assigned codes. Besides the widely used taxonomies above, there are also more specialized proprietary systems: * Revere Data, line-of-business, about 11,000 leaf nodes
- IndustryBuildingBlocks, line-of-business about 15,000 leaf nodes
- First Research taxonomy, used by Hoover's [3]
- WAND, Inc.'s Product and Service Taxonomy
- Industry classification or industry taxonomy organizes companies into industrial groupings based on similar production processes, similar products, or similar behavior in financial markets.
- ↑ Standard & Poor's, "What's an Industry" pdf
- ↑ http://www.census.gov/eos/www/naics/2007NAICS/2007_NAICS_Index_File.xls
- ↑ First Research taxonomy at Hoover's