Industry research is an important part of business research. Knowing about an industry sector can help us understand key economic trends as well as uncover information about specific companies within that industry.
Some of the industry research databases listed in this guide present news and analysis on a given industry in the form of a comprehensive report. Others are are more focused on different markets, such as emerging tech or consumer markets, but provide information on the industries supplying these markets.
When you're doing industry research, one of your first steps should be to find out the industry classification code, which can help you make sure your researching the same industry across however many resources you're using.
NAICS: Pronounced "nakes", NAICS stands for North American Industry Classification System. It is how the US government classifies different types of businesses. The codes are hierarchical, meaning that, the longer the number, the more detailed the industry. Knowing the NAICS code for your industry makes it easier to:
SIC: SIC stands for Standard Industry Classification. It is how the US government classified industries prior to the adoption of NAICS, but some industries still use SIC.
