Every business is classified into different industries based on the products they make and the markets they cater to. These industries are classified on their specialties which are based on goods and services they provide. While there are companies which belong to only one industry and provide industry-specific goods or services, there are also conglomerates which cater to multiple industries at a time.
Following are different types of Business industries
1) Aerospace Industry
The aerospace industry is one of the highest technology industries. The aviation industry deals with manufacturing aircraft which take flights within and beyond the earth’s atmospheric area. The process of manufacturing consists of various parts such as designing, building, testing, selling and maintaining. An aviation company also produces aircraft’s parts to maintain the existing aircraft.
There are about 50 countries which own one or more than one aerospace company. These types of business industries show the economic strength of a particular country. The United States of America is the leading country in these types of business industries. The USA has many large and small companies dedicated to aviation business.
America’s military and civil aviation industries have world’s dominance to export military as well domestic aircraft and their parts. Aerospace Industries Association of America (AIA) is an organization for aviation companies in America. It is an organization that provides solutions to technical and policy issues. There is a similar organization in Europe named European Association of Aerospace Industries (AECMA).
2) Transport Industry
The transport industry is one of the largest types of business industries. This industry deals with the movement of humans, things and animals by various modes of transportation. The main modes of transportation are air, land (Road and Rail) and water. The transportation industry makes the largest part of any country’s economy.
A strong Transportation is essential for a country’s growth. Transportation industry makes approximately 17% of USA’s GDP. Leading transportation company for airway is Singapore airlines which banged Skytrax World Airline Award in 2018. USA’s railway network is the world’s largest railway network with a route length of 2,50,000 KM followed by China’s railway network of route length of 1,25,000 KM. India’s railway network is world’s fourth largest railway network with route area of 68,525KM.
Other than these transportations, water transportation is one of the elite ways to commute and transport goods from one place to another. Alexander & Baldwin is Hawaii Based company is the leading water transportation company followed by America’s American Commercial Lines Inc. Indian railway is the world’s only monopolistic organization in the railway sector.
3) Computer Industry
The computer industry has boomed drastically in the 21st century. Computer Industry has taken over almost every other industry. Computer industry or also known as Information Technology (IT) Industry. It includes businesses of computer hardware, developing and maintaining computer software and computer networking. One major area which has been growing proliferatively is service sector.
The service sector has gone online in almost every sector such as health, education, retail, bank, beauty. There are hundreds of websites and apps for every single service. For example, Airbnb is a leading online service company which helps travelers to find places to stay while traveling and also help people to earn extra money by putting their extra space on rent.
4) Telecommunication industry
Telecommunication industry consists of companies which makes communication possible worldwide through mobile phones, internet, cable or wirelessly. It allows people to communicate using words, audio or video from any part of the world to any part of the world. Smartphones can send information thousands of miles away within seconds. The leading companies in the telecommunication industry are satellite companies, internet service providers, wireless operator. Wireless internet has helped other industries to generate great revenue.
This industry includes various sub-sectors such as communication equipment, wireless communication, ad-hoc network, mobile ad-hoc network, domestic telecommunication services, foreign telecommunication services, processing products, and systems. Mobile Ad-hoc network is the fastest growing sector in the telecommunication industry. There will soon be cars on the road without human drivers.
It will also reduce the cases of accidents on the road because roads will be able to sense the presence of other cars on the road using Mobile ad- hoc networks and sensor installed on the road.
5) Agriculture industry
The agriculture industry is one of the oldest types of business industry. Agriculture industry consists of cultivating land, plants and breeding animals to produce foods and other survival things. This industry is an integral part of every country’s economy. The modernization in the agriculture industry took place in the late 20th century, which is known as “Green Revolution”.
After that, the agriculture industry has been growing exponentially. The agriculture industry is an important industry of countries like India, Africa and other countries having a good ecosystem. This industry consists of producing, providing, selling and exporting agricultural goods. This industry provides employment to researchers, scientists, biotechnicians, veterinarians, farm labors and development technicians.
Latest agronomy, genetically modified plants, chemical-like Pesticides, and fertilizers have sped-up and increased production. It seems a boon from a farmer’s point of view, but it is causing deadly diseases such as Cancer to the people who consume it. Cargill, a Minneapolis based company is one of the renowned companies in the Agricultural industry.
6) Construction Industry
The construction sector is indulged in designing, building, constructing and maintaining the infrastructure. The construction industry can be sub-divided into three categories such as heavy construction, general construction, and specialized construction. Heavy construction includes the construction of bridges and roads etc. General construction includes the building of residential places and commercial real estate. Specialized construction includes making electric and wood things required to construct a building.
This era has witnessed the modernization in the way of constructing building and houses. Construction and related types of business industries have benefitted from the advancement of technology. It has given us skyscrapers, which provides a place for everyone even with population growth. Recently, one technology named Building Information Modeling (BIM) has revolutionized the construction industry.
Usually, more than hundred people work on a single project and it becomes very difficult to keep in touch with everyone and communicate ideas. BIM eliminates this problem and provides a platform to work together and share ideas and cultivate a better plan.
7) Education Industry
Education industry or education system is a group of school, colleges, universities, institutes to provide learning, knowledge, skills, and a degree in various fields. Educational institutes can broadly be divided into two categories public and private. Public institutes are funded by government whereas private institutes run by a single person or by a group of people.
Private institutes can be “For- Profit” or “Non – Profit” institutes. According to a recent survey, 18.2 million students are getting an education in the USA and out of 18.2 million 16.8 million are getting an education from “Non- Profitable” institutes. Enrollment of students is increasing every year in both traditional as well as in online courses.
Online courses are most preferred by working people or people above the age of 30 years, whereas regular students prefer to enroll in traditional courses. Every country keeps a large portion of the annual budget for this sector to update the education system to provide better skills to students.
8) Pharmaceutical Industry
The pharmaceutical company is a licensed firm to research, discover, develop, market and sell the drugs. It is an important industry worldwide. It is clearly research and development (R&D) based industry. Constant research is an important aspect of the pharmaceutical industry. These companies research and produce drugs to cure diseases of humans and animals. There are some drugs that also treat symptoms.
Pharmaceutical companies are highly regularized companies. The United States’ pharmaceutical industry comprises 45% of the Global Pharmaceutical Market. Johnson & Johnson and Pfizer and Merck &co. are the world’s leading pharmaceutical companies. The United States pharmaceutical industry together with Canada and Mexico make the world’s largest pharmaceutical market.
Medical device industry is another aspect of the pharmaceutical industry which deals with surgical equipment’s, medical devices and implants. Companies like Medtronic, Boston Scientific, Carl Zeiss, etc are leaders in medical device industries.
9) Food Industry
Food Industry comprises processing, preservation, conversion, and preservation of eatable items. The raw material for the food industry is obtained from the agriculture industry. Therefore, the food industry is dependent on the agriculture industry. After processing food various chemicals and color are added to food items to preserve them for a long time with maintaining their taste. The food industry has grown exponentially in the past decade because in the fast-paced life people demand “ready – to – go” food.
The high demand for processed and packed food gave birth to many companies and almost every kind of food from instant noodles to curry is available in packets. Other than that food service, as known as catering and food technology are also an integral part of this enormous food industry.
Food technology comprises Research and development to make more readymade food. Tyson Food Inc and PepsiCo are the two world’s leading food processing companies.
10) Health care Industry
Health care industry provides remedial, diagnostic, curative, preventive, rehabilitative, therapeutic services to patients and to people in their old age. The main goal of this industry is to revive and maintain the health of peoples. It is one of the fastest growing industry. This type of business industry has great potential for investors and entrepreneurs. Every country’s government spends a handsome amount of money to this sector.
There are both private and public companies to provide services. There are also many voluntary organizations which provide services to needy people free of cost. United Health group holds 5th rank in the 64th annual list of fortune 500 out of 40 health care companies selected from the USA.
The revenue of the United Health Group was $56.6 billion on 30th September 2018. Government initiatives like Obamacare in the United States, Medicare in India have given an enormous boost and assigned tremendous importance to the health care industry.
11) Hospitality Industry
The hospitality industry is vast types of business industries. It provides uncountable services to customers, so this industry is highly customer- oriented industry. Customer satisfaction is the main objective of this industry. This industry is exceptional, because the hospitality industry solely survives on “the want” of people, not need like health care industry.
There are three main broad categories of this type of industry such as accommodations, food and beverage, and travel and tourism. Airbnb is one of the most famous online hospitality services of providing cost-effective accommodation in any country. It can be accessed via mobile apps as well as the website.
Eleven Madison Park, New York, USA is one of the world’s most luxurious restaurants which have universal appreciation and acceptance. This restaurant is famous for its ambiance and view and also the luxurious treatment to its guests.
12) Entertainment Industry
The entertainment industry is a huge business industry. It includes innumerable sub-sectors of entertainment. This industry runs on both entertainer and viewers. Entertainment has been an integral part of human society since ages, but recently it has become commercialized. This industry has grown by leaps and bounds in the past century. These types of business industries such as entertainment and hospitality industries make a great part of the Gross Domestic Product (GDP) of any country.
For example, football teams such as Belgium, France, and Brazil. These teams generate great revenue for their respective countries. Entertainment industry provides employment to a great number of people. There are many entertainers which are among the richest people in the world. These days the methods of entertaining people have changed.
People don’t have to put a lot of efforts to get into the limelight as they used to have. They can entertain people by sharing their stuff on YouTube and other similar platforms. Digital platform has helped to grow entertainment industry exponentially. Also with the availability of online video streaming companies like Netflix and Amazon prime has changed the way users interact with movies.
13) News Media Industry
News Media industry is an important industry. The target of this industry is to provide news to the people. It makes people aware of the happenings in the world. There are various media platform for example newspaper, Television, Radio, online blogs, websites, podcasts. Printed NEWS letters were first circulated in Europe during World War, since then NEWS media has developed drastically.
The New York Times and Washington posts are among the most famous Newspapers. Nowadays, social media has taken the NEWS Media industry to another level. People come to know about the happenings of the world instantly. Some famous social media platforms are Facebook, Twitter, Instagram, YouTube etc. Getting information has become handy for the people of 21st century. People can also read News online by installing the apps of various NEWS channels.
14) Energy Industry
These types of business industries are important because of their wide applications in various sectors. Energy industry can be sub-divided into two categories renewable energy industry and non- renewable business industry. One important source of the renewable energy industry is petroleum. There are different operations take places such as extraction, refining, manufacturing, and sales.
Other than that, there is coal energy industry, nuclear power industry electric power industry. These types of business industries play an important role in the development of the nation. These source of energy sources are limited and they are diminishing soon. Therefore, a lot of research is devoted to alternative energy sectors.
The alternate energies are solar energy, wind energy, and hydroelectric energy. These days countries are spending a huge amount of money to maximize the use of alternate energy sources.
15) Manufacturing Industry
Manufacturing is the process of converting raw material and components into the final product to sell in the marketplace for public consumption. Manufacture industry has many categories, for example, food industry, petroleum industry, paper industry, wood industry, leather industry, textile mill industry, apparel industry, transportation equipment industry, electrical equipment industry etc.
Goods can be prepared in the mill, factories or plants for example fabric and goods can also be prepared by hands to sell in the market. Manufacturing industries provide employment to educated as well as labor class population of any country. In America, approximately 12 billion people are employed in the manufacturing industry.
16) Music Industry
Music industry one among the many types of business industries that run on the passion of people who works in it. This industry is made of Musicians, Composers, Lyrics writers, singers, instrument players. This industry is highly affected by technology. Old are the days when people used to buy CDs and DVDs. The United States of America observed the notable downfall in the CD sales.
However, the internet has taken over the other media. People can listen to music online anywhere and any part of the world. Music is available on various online platforms such as Soundcloud, Pandora, Spotify etc. The new term that has been given to this industry is Digital Music Industry.
The total revenue for the year 2018 is $5158 million dollars for Digital Music Industry and the revenue is expected to grow in the future also.
17) Mining Industry
The mining industry is dedicated to locating and extracting metals from the surface of the earth all around the world. These metals are used for commercial purposes and jewelry making. This industry also deals with production and trading of metals also.
Every country spends a lot for the exploration of a feasible place to extract metals. These types of business industries cause environmental problems, which is a matter of concern globally. This industry requires strict regulations for environmental protection reasons.
18) Worldwide web
Worldwide web also is known as web, is a network designed using HyperText Markup Language (HTML) and can be accessed using Hyper Text Transfer Protocol (HTTP). Worldwide web is invented in 1991 by Tim Berners-Lee. It was the revolutionary invention of that time. However, it became popular a decade later. A web page contains text, images, videos, audio, and links. Similar kinds of websites have the same domain name.
For example, an educational website has the domain name “edu”. People are running various websites such as education, entertainment, travel, food related. Worldwide web has provided various opportunity to people. People run their business online with very few technical skills. Ace example of this type of websites is “Amazon”.
Other than that people can interact with other people virtually using world wide web. It also assists us to send emails, make video and audio calls and share image with one another. Since 1991 the features on world wide web has been emerging and it has no signs of stopping any soon.
19) Electronics Industry
The electronics industry is one of the huge industries. This is the type of industry that produces electronics devices for commercial as well as domestic use, for example, smartphones, switches, circuit board, refrigerators, washing machines, and other AI-based goods. Electronic companies produce, market and sell electronic units. Global electronic industry has observed growth by average 5% from the year 2016 to 2018.
This industry has the responsibility to produce all technically advanced electronic equipment for the future. At present, the goal of the electronics industry is to mobile ad-hoc networks, smart cars, and wireless charging.
Leave a Reply