Glimpse on the topic Industry type Vs Industry Verticals
I feel this web log is for Non-Business audience, who would like to have a glimpse on the topic “Industry type and Industry Verticals”, I felt most of the techie’s would like to get clarify on this topic moreover I personally had many situations where I’ve shared this information to them, thought it will be useful in the forum like SDN where we have both the kind of skills set INDUSTRY TYPE Generic Definitions: (i) A generic term for a distinct group of economic activities. (ii) Industries are described and classified by their primary activity or product (iii) The business of making goods, and selling those goods to make money. Some industries at the time of Confederation were shipbuilding, Railway and canal construction, and the production of farming tools. (iv) A grouping of companies in the same line of business. Industry groupings are more specific to the business than sector groupings. For example, the transportation sector includes airfreight, airline, trucking, railroad and shipping industry groups. Types of Industries 1. Service Industry Activities, which are primarily concerned with providing services for the benefit of the population and/or other industries Examples: • Accounting Service • Advertising • Construction Contracting • Marketing Services • Retail Trade • Oil and Gas etc. 2. Manufacturing Industries Manufacturing is the transformation of raw materials into finished goods for sale, or intermediate processes involving the production or finishing of semi-manufactures Examples: • Aerospace and defense • Agriculture • Automotive • Chemicals • Computer Equipment • Textiles, etc Sub Categories: A. Discrete industry: Describes manufacturing of distinct items (items you can easily count, touch,). For Example: • Transportation equipment • Electronic products • Medical equipment and supplies • Furniture • Recycling etc B. Process Industry Manufacturing where a chemical change has taken place. For Example: • Chemicals • Petroleum • Consumables etc. 3. Resource Industries An industry based on the primary resources obtained from agriculture, fisheries, forestry or mining, including wheat, timber or iron ore Examples: • Fisheries • Forestry • Hydrogen and Fuel cells • Mines, Metals, Minerals etc INDUSTRY VERTICALS (i) The concept of verticals has emerged where the classification of verticals vary with different Business applications they provide and the infrastructure they build. (ii) To meet the distinct, evolving needs of individual businesses within the industries as well as to provide effective tailored solutions for unique industry needs. (iii) Software solutions or Application designed to meet specific business requirements, and to gain an advantage over industry competitor providing readymade Business specific solutions Some of the verticals solutions are highlighted below. • Automotive • Banking • Financial services • Government and Education • Healthcare • Insurance • Life Sciences • Manufacturing • Media and Entertainment • Retail • Telecommunication. Etc.