An industry is a grouping of related companies and a grouping of the products or services that they are responsible for. These are typically grouped into a larger grouping called sectors. A good example of an industry would be a collection of businesses that manufacture automobiles. Similarly, a grouping of businesses that sell insurance might be classified as an industry. This is because there are many types of insurance and a variety of insurance companies. However, the industry itself is more complex than its constituents.
One of the oldest and most common types of industry is the industrial sector. A large scale industry is a complex industrial organisation that produces a high volume of output. It usually has a specialized and skilled newshunttimes workforce. Examples of large scale industries include petroleum refining, motor vehicle manufacturing, and cement production.
In the industry world, a small and specialised industry may not have the same clout as a large scale juggernaut. For instance, a large-scale industry could serve a vast market, such as a city, region or country. A small-scale industry, on the other hand, is likely to be confined to a small geographic area. The industry of the future is expected to be a mix of verticals, i.e., a mix of small and large companies.
Another industry worthy of mention is the service sector. Depending on the definition, the service industry might be a private enterprise or a public institution. Unlike the manufacturing industry, the service industry is not subject to the same monopoly laws.