A market sector represents a group of companies that share similar components, such as technologies or products.
Sectors can be part of a broader industry or operate within multiple industries. Since most library resources are created at the industry level, you will have to extract information relevant to your sector. An industry refers to a more specific group of companies or businesses, while a sector is considered to be a broader classification. Sectors slice the economy into big chunks -- each home to multiple industries. Here's the kicker: The two terms are sometimes reversed. It is helpful to note that sectors break down the economy into a few general segments, while industries categorize them into more specific business activities.
Example: Construction is an industry. Heavy equipment and construction machinery could be a market sector.
For further clarification, see the Investopedia article: "Industry vs. Sector: What's the Difference?"
Certain business databases such as Mergent Online, Business Source Premier and IBISWorld allow you to search by North America Industry Classification System (NAICS) or Standard Industry Classification (SIC code). It may be useful to write these codes down as you find them when starting your research to help facilitate your search strategy.
NAICS is the standard used by Federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy. It is scheduled to be reviewed every five years for potential revisions (the last time was 2017) so that the classification system can keep pace with the changing industry. See the NAICS Update Process Sheet for more information.
Use these databases to find industry and sector revenue analyses, market share and segmentation, and forecasts.
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