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Industry classification or industry taxonomy is a type of economic taxonomy that classifies companies, organizations and traders into industrial groupings based on similar production processes, similar products, or similar behavior in financial markets.

National and international statistical agencies use various industry-classification schemes to summarize economic conditions. Securities analysts use such groupings to track common forces acting on groups of companies, to compare companies' performance to that of their peers, and to construct either specialized or diversified portfolios.


Sectors and industries
Economic activities can be classified in a variety of ways. At the top level, they are often classified according to the three-sector theory into : primary (extraction and agriculture), secondary (manufacturing), and tertiary (services). Some authors add quaternary (knowledge) or even quinary (culture and research) sectors. Over time, the fraction of a society's activities within each sector changes.

Below the economic sectors are more detailed classifications. They commonly divide economic activities into industries according to similar functions and markets and identify businesses producing related products.

Industries can also be identified by product, such as: , chemical industry, petroleum industry, automotive industry, electronic industry, power engineering and power manufacturing (such as gas or wind turbines), meatpacking industry, hospitality industry, , , software industry, , entertainment industry, semiconductor industry, cultural industry, and .

Market-based classification systems such as the Global Industry Classification Standard (GICS), the Industry Classification Benchmark (ICB) and The Refinitiv Business Classification (TRBC) are used in and .


List of classifications
A wide variety of taxonomies is in use, sponsored by different organizations and based on different criteria.

ANZSICAustralian and New Zealand Standard Industrial ClassificationGovernments of Australia and New Zealand 1993, 2006
BICSBloomberg Industry Classification StandardBloomberg L.P. 10/.../2294
GICSGlobal Industry Classification StandardStandard & Poor's, market/
company
2-8 digits
11/24/69/158
1999–present (2018)
HSICSHang Seng Industry Classification SystemHang Seng Indexes CompanyRevenue source11/31/89
IBBICSIndustry Building BlocksIndustry Building BlocksMarket line of business19/130/550/3000/202002002
ICBIndustry Classification Benchmarkmarket/
company
11/20/45/1732005–present (2019)
ISICInternational Standard Industrial Classification of All Economic ActivitiesUnited Nations Statistics Divisionproduction/
establishment
4 digits
21/88/238/419
1948–present (Rev. 4, 2008)
MGECSMorningstar Global Equity Classification SystemMorningstar, Inc.Securities behavior3/14/69/148
NACEStatistical Classification of Economic Activities in the European Communityproduction/
establishment
6 digits1970, 1990, 2006
NAICSNorth American Industry Classification SystemGovernments of the United States, Canada, and Mexicoproduction/
establishment
6 digits
17/99/313/724/1175 (/19745)1
1997, 2002, 2012, 2017, 2022
RBICSFactSet Revere Business Industry Classification System, acquired in 2013line of business11000
SICStandard Industrial ClassificationGovernment of the United Statesproduction/
establishment
4 digits
1004 categories
1937–1987 (superseded by NAICS, but still used in some applications)
SNISwedish Standard Industrial ClassificationGovernment of Sweden
TRBCThe Refinitiv Business Classificationmarket/
company
10 digits 13/33/62/154/8982004, 2008, 2012, 2020
UKSICUnited Kingdom Standard Industrial Classification of Economic ActivitiesGovernment of the United Kingdom 1948–present (2007)
UNSPSCUnited Nations Standard Products and Services CodeProduct8 digits (optional 9th) (four levels)1998–present


See also


Further reading
  • (1980). 9780743260886, Free Press, New York. .
  • (1985). 9780743260879, Free Press, New York.
  • Bernard Guibert, Jean Laganier, and Michel Volle, "An Essay on Industrial Classifications", Économie et statistique 20 (February 1971) full text

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