An industry is a group of related businesses or enterprises, with a common set of characteristics. These companies may manufacture goods, process raw materials, or provide services for profit.
Industries are divided into sectors. Sectors are economic subcategories, based on similar business activities. Organizing businesses into defined segments can help investors and economists understand different levels of activity.
There are hundreds or thousands of industries in an economy. Depending on the level of activity, a company can be classified as a light, heavy, or tertiary sector. Generally, a light industry requires less capital investment, has a relatively low labour force, and produces nonstandard items.
Heavy industries produce large quantities of output. They also have a specialized and skilled labor force. Examples of large scale industries include iron and steel manufacturing, motor vehicle and heavy machinery manufacture, and petroleum refining. Large-scale industries typically have complex industrial organizations and require significant initial investment.
Investing in new technology and technology infrastructure can make a company more competitive. Having access to real-time data and predictive analytics can be useful for both proactive and reactive management. By using these technologies, companies can address potential problems before they become major issues. Using these technologies can help a company grow and attract more workers.
The computer and technology industry includes companies that focus on enhancing software systems, developing new applications, and improving business networking. Typically, companies in this sector buy finished products from other companies.
Transportation, the industry that handles the movement of people, animals, and items, is growing and offers a range of career options. Companies that specialize in this field regularly adapt to technology advancements to build structures and vehicles that are safe and reliable.