Businesses act as a lifeline to a country’s economy like oxygen is to humans. They have been the oldest and most ubiquitous sources of earning for governments and individuals. Businesses can be classified into numerous categories based on the products and services they offer. This classification is known as “business industries.”
Industry – definition
An industry refers to a group of businesses that produce identical or related raw materials, products, or services. Businesses can belong to either one or more industries. There are some companies that specifically focus on some particular industry, whereas some businesses spread their operations across several industries. Companies that expand their operations across industries are called conglomerates. Industries can be broadly classified into three groups:
- Primary industry, which is responsible for producing raw materials
- Secondary industry, which includes the manufacturing sector
- Tertiary industry, which is the service industry
Types of business industries
Businesses are classified into various industries based on which sector they contribute to an economy. The different types of business industries include:
This is one of the biggest business sectors in the world. The main objective of this industry is the transportation or movement of humans, goods, and animals. A powerful transportation industry is crucial for the growth and development of a country. Presently, there are three major means of transportation:
- Land, including roads and railways
The aviation or aerospace industry is an advanced business sector. It is relatively less widespread when compared to other sectors. It is concerned with the manufacturing of aircraft and other state-of-the-art devices used to travel in the earth’s atmosphere. The aviation industry serves several government and private organizations, like NASA, the military, and airline companies.
This industry is one of the most important and oldest business sectors. This industry is the second-largest global employer, with about 1 billion individuals around the world depending on it as their source of income. The industry has undergone tremendous changes with the introduction of innovations like genetically modified seeds, pesticides, fertilizers, and other farm equipment.
The IT or computer industry is one of the fastest-growing business sectors in the 21st century. It includes companies or corporations involved in the manufacturing of everything associated with computers, like software, operating systems, applications, and databases.
This industry is basically the backbone of all other industries. It has seen unparalleled growth in recent years. This sector is responsible for delivering communication channels like text messaging, the internet, and digital communication apps. Companies like satellite companies, wireless operators, and internet service providers belong to this sector.
This industry is responsible for producing a capable future generation. It includes all kinds of educational institutions, governing bodies, ministries, and private individuals connected to the education field. The use of technology has revolutionized this industry since digital learning has helped students enroll in universities anywhere around the globe.
This industry deals with the design, creation, and maintenance of household and government infrastructure. This industry can be classified into three categories:
- General construction: deals with the construction of real estate projects like residential homes and shopping malls
- Heavy construction: deals with the construction of structures like roads and bridges
- Specialized construction: concerned with the tools necessary for construction
This industry is responsible for processing raw materials into final products by using machinery or human labor. The finished products are then transported to other manufacturers or retail stores.
The energy industry has a crucial role in a nation’s development. This sector is in charge of the generation and sale of energy. It includes both renewable and non-renewable energy industries.
The healthcare industry is a conglomeration of several sectors providing diagnostic, therapeutic, and preventive care. Both public and private companies offer healthcare services, with the primary goal being the maintenance and restoration of people’s health.
This industry is responsible for supplying food to the general population. It is heavily reliant on agriculture because it requires a large amount of fresh food crops.
This is a multibillion-dollar industry with a plethora of sub-sectors. It includes all sectors responsible for producing products aimed at entertaining people, including films, music, and sports.
This sector is responsible for the extraction and processing of rich metals, minerals, and other resources from the earth’s surface. This industry serves as the backbone of several other industries by providing them with raw materials.
Industries are responsible for the growth and advancement of society and play a vital role in driving the economy.
Tracy is the Design Manager here at Redwood Creative. She’s been designing amazing graphics and web layouts for large and small businesses for upwards of 7 years.