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What Is an Industry Sector?

by Vinisius Jr

Generally speaking, an industry is a group of businesses with common products and services. Some of the industries in a sector may be similar, but each one is distinct from the others.

The manufacturing industry is a good example. Companies in this sector produce goods such as paper, leather, textiles, and food. These goods are sold to consumers and other companies.

The transportation industry is another, as this segment handles the movement of people, animals, and goods. It also includes the automobile industry, which manufactures vehicles and their components.

The telecommunications industry is another, as this sector enables communication between people all over the world. This industry also includes internet service providers.

Another is the chemical industry, which uses natural elements to create components and materials.

The media and news industry is another, as this sector churns out news stories across several mediums. Similarly, the computer and technology industry is another, as this sector focuses on developing new applications, fixing old ones, and enhancing business networking.

There are other examples, but these are the most obvious. As such, they are not necessarily the most significant.

In terms of economy size, an industry can be a single entity, or a conglomerate of hundreds or thousands of businesses. Typically, it is classified by a uniform classification code. Typically, the codes use a two to six-digit level of detail.

One of the most important aspects of any industry is the level of technological innovation. In the industrial sector, there are a number of new technologies being introduced to boost production, increase safety, and improve efficiency.

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