Industry classification


Industry classification or industry taxonomy is a type of economic taxonomy that organizes companies into industrial groupings based on similar production processes, similar products, or similar behavior in financial markets.
Many are used by national and international statistical agencies to summarize economic conditions. They are also used by securities analysts to understand common forces acting on groups of companies, to compare companies' performance to their peers', and to construct either specialized or diversified portfolios.

Sectors and industries

Industries can be classified in a variety of ways. At the top level, industry is often classified according to the three-sector theory into sectors: primary, secondary, and tertiary. Some authors add quaternary or even quinary sectors. Over time, the fraction of a society's industry within each sector changes.
Below the economic sectors are more detailed classifications. They commonly divide industries according to similar functions and markets and identify businesses producing related products.
Industries can also be identified by product, such as: construction industry, chemical industry, petroleum industry, automotive industry, electronic industry, power engineering and power manufacturing, meatpacking industry, hospitality industry, food industry, fish industry, software industry, paper industry, entertainment industry, semiconductor industry, cultural industry, and poverty industry.
Market-based classification systems such as the Global Industry Classification Standard, the Industry Classification Benchmark and the Thomson Reuters Business Classification are used in finance and market research.

List of classifications

A wide variety of taxonomies is in use, sponsored by different organizations and based on different criteria.
AbbreviationFull nameSponsorCriterion/
unit		Node count by levelIssued
ANZSICAustralian and New Zealand Standard Industrial ClassificationGovernments of Australia and New Zealand1993, 2006
BICSBloomberg Industry Classification SystemsBloomberg L.P.10/.../2294
GICSGlobal Industry Classification StandardStandard & Poor's, Morgan Stanley Capital Internationalmarket/
company		2-8 digits
10/24/68/154		1999
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 BenchmarkFTSEmarket/
company		10/20/41/114
ISICInternational Standard Industrial Classification of All Economic ActivitiesUnited Nations Statistics Divisionproduction/
establishment		4 digits
21/88/238/419		1948–present
MGECSMorningstar Global Equity Classification SystemMorningstar, Inc.Securities behavior3/14/69/148
NACEStatistical Classification of Economic Activities in the European CommunityEuropean Unionproduction/
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 1		1997, 2002, 2012
RBICSFactSet Revere Business Industry Classification SystemFactSet, acquired in 2013line of business11000
SICStandard Industrial ClassificationGovernment of the United Statesproduction/
establishment		4 digits
1004 categories		1937–1987
SNISwedish Standard Industrial ClassificationGovernment of Sweden
TRBCThomson Reuters Business ClassificationRefinitivmarket/
company		10 digits
10/28/54/136/837		2004, 2008, 2012
UKSICUnited Kingdom Standard Industrial Classification of Economic ActivitiesGovernment of the United Kingdom1948-present
UNSPSCUnited Nations Standard Products and Services CodeUnited NationsProduct8 digits 1998 - present

1The NAICS Index File lists 19745 rubrics beyond the 6 digits which are not assigned codes.