Industry classification


Industry classification or industry taxonomy is a type of economic taxonomy that classifies companies, organizations and traders into industrial groupings based on similar production processes, similar products, or similar behavior in financial markets.
National and international statistical agencies use various industry-classification schemes to summarize economic conditions. Securities analysts use such groupings to track common forces acting on groups of companies, to compare companies' performance to that of their peers, and to construct either specialized or diversified portfolios.

Sectors and industries

can be classified in a variety of ways. At the top level, they are 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 activities within each sector changes.
Below the economic sectors are more detailed classifications. They commonly divide economic activities into 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 Refinitiv 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 StandardBloomberg L.P.10/.../2294
GICSGlobal Industry Classification StandardStandard & Poor's, MSCImarket/
company		2-8 digits
11/24/69/158		1999–present
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		11/20/45/1732005–present
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, 2017, 2022
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
TRBCThe Refinitiv Business ClassificationRefinitivmarket/
company		10 digits
13/33/62/154/898		2004, 2008, 2012, 2020
UKSICUnited Kingdom Standard Industrial Classification of Economic ActivitiesGovernment of the United Kingdom1948–present
UNSPSCUnited Nations Standard Products and Services CodeUnited NationsProduct8 digits 1998–present