BUSINESS INDUSTRY: What It is & Types Of Business Industry

business industry list
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In the business industry, there are many different types of businesses. There are big businesses and small businesses. There are also businesses in different industries. Some businesses are in the manufacturing industry.

Others are in the service industry. There are also businesses in the retail industry. And, there are businesses in the technology industry.

No matter what type of business it is, there are some things that all businesses have in common. In this article, we have made a compilation of some of the top business industries in the world.

What is Business Industry?

The business industry is a vast and complex system that refers to the economic activity of producing and selling goods and services.

It is one of the most important aspects of any economy and can be broadly divided into five categories: primary, secondary, tertiary, quaternary, and quinary. The primary sector is focused on extracting natural resources such as forestry, fishing, and mining.

Then, the secondary sector manufactures products from those resources. The tertiary sector provides services like healthcare, education, and finance.

And the quaternary sector is dedicated to knowledge-based activities like research and development.

Finally, the quinary sector encompasses the arts and culture. The business industry is essential for economic growth and plays a significant role in creating jobs and wealth.

Types of Business Industry: Business Industry List

Here are the different business industries in the world:

Electronics Industry

Industry worth: $1,172B

The 1990s saw a turning point for the electronics sector as personal computers gained popularity and were more widely available. Producing, marketing, and selling electrical and electronic products, particularly consumer electronics, are part of the electronics industry.

As part of designing, testing, and producing electronic equipment, this industry employs many electronics engineers and technicians. In addition, the sector involves helping with installation and doing minor maintenance and repairs.

The electronics industry currently primarily focuses on digital technology, including products based on artificial intelligence, and it is actively working to produce wireless charging and smart cars.

The electronics industry is experiencing major environmental problems because of its expansion. Because of the industry’s use of hazardous materials and challenges with recycling, it produces a significant amount of electronic trash each year.

More than any other nation in the world, the United States and China produce 3 million tons of electronic garbage each year. China is also a significant location for wealthy nations to dump electronic garbage. Regulations and environmental legislation have been introduced to address these urgent issues.

What are the Biggest Electronics companies?

  • Samsung Electronics $173.96B (South Korea)
  • Hon Hai Precision Industry (Foxconn) $135.13B (Taiwan)
  • Hitachi $84.56B (Japan)
  • Sony $70.17B (Japan)
  • Panasonic $67.78B (Japan).

Education Industry

Industry worth: $4.4 trillion (2013)

A collection of educational institutions serves as a representative of the education system or business. These institutes include universities, public or private schools, teacher training programs, and the ministry of education.

The education sector is a complex system that involves a wide range of professionals. The education sector is crucial to society due to all these complex relationships and their wide-ranging effects. Most of the world’s countries make education mandatory, and children must attend school up to a particular age.

Alternative learning methods include informal learning, homeschooling, e-learning to use open educational materials, and others.

Top educational Companies

  • Khan Academy
  • Kaplan, Inc., Knewton, Alison, Adtalem Global Education.

Top educational websites: Coursera edX, Codecademy, Udacity, The Open University, Academic Earth, BrainPop.

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Agriculture Industry

In this business industry list is the agriculture industry. The largest industry in the world is agriculture. It is also the second-largest global employer, providing over one billion individuals employment opportunities.

The sector comprises raising animals and plants to produce food and other products that are then marketed and shipped worldwide.

Agriculture employs fewer people as a nation develops; as a result, the percentage can range from more than 80% in the least developed countries to less than 2% in the most industrialized nations.

The agriculture industry is around 15,000 and 10,000 years, making it the oldest sort of enterprise.

Numerous plants and animals have become domesticated because of the development of agriculture, increasing the quantity and quality of the products produced while also allowing for the discovery of new applications. Currently, pasture and croplands make up around 50% of the livable land on Earth.

While contemporary crop production makes use of the most up-to-date fertilizers and pesticides and is intensive and productivity-focused.

The usage of agrochemicals has had a terrible impact on the ecology all around the world.

In addition to the safety of genetically modified organisms, growth hormones, and antibiotics found in food, some of the debates surrounding the industry center on its impact on global warming, deforestation, water use, and pollution.

Largest companies by revenue:

  • Cargill $107.20B (United States)
  • Archer Daniels Midland Company $62.35B (United States)
  • Deere & Company $18.49B (United States)
  • DowDuPont $15.69B (United States)
  • Nutrien $13.67B (United States)
  • Monsanto Company $13.50B (United States).

Computer Industry

Industry worth: $5 trillion (2019)

The computer industry usually referred to as the information technology industry focuses on creating computer components, networking infrastructures, and numerous services in addition to designing and developing computer hardware and software.

It is nearly impossible to identify any aspect of life in the modern period that does not fall under the umbrella of information technology (IT), as businesses, jobs, and personal lives have all moved online.

In its original sense, information technology (IT) refers to the use of computers for data management, which encompasses data storage, retrieval, transmission, and manipulation. Computer programs are also used in the IT sector to carry out tasks that need higher-order thinking.

The industry also incorporates other information-based technologies like television, the internet, telecommunications, electronics, and e-commerce, as well as newer ones like robotics.

Largest companies

  • Apple Inc. $229.2B (United States)
  • Samsung Electronics $211.9B (South Korea)
  • Amazon $177.9B (United States)
  • Foxconn $156B (Taiwan)
  • Alphabet Inc. $110.8B (United States)
  • Microsoft $90.0B (United States)
  • Huawei 91.5B (China)
  • Hitachi $84.6B (Japan)
  • IBM $79.1B (United States)
  • Dell Technologies $78.7B (United States).

Telecommunication industry

Industry worth: $1.4 trillion

The telecommunications sector comprises businesses that provide global communication via wireless, cable, internet, and mobile phones.

It enables global spoken, audio, and visual communication anywhere in the world. Information can be sent instantly from smartphones thousands of miles distant.

Satellite firms, internet service providers, and wireless operators are among the top businesses in the telecommunications sector. Other industries have made significant profits thanks to wireless internet.

This industry is divided into sub-sectors, including processing goods and systems, wireless communication, ad hoc networks, mobile ad hoc networks, domestic and international telecommunication services, and communication equipment.

The fastest-growing segment of the telecom market is mobile ad-hoc networks. Soon, vehicles on the road won’t have human drivers.

Largest companies by market value (2019):

  • Verizon Communications Inc. $221.39B (United States)
  • China Mobile Ltd. $217.5B (China)
  • AT&T Inc. $211.688B (United States)
  • SoftBank Group Corp. $98.785B (Japan)
  • Nippon Teleg. Telephone Corp. $81.564B (Japan)
  • Deutsche Telekom AG $67.334B (Germany)
  • America Movil $52.505B (Mexico)

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Transport Industry

Industry worth: $700B

The transportation of goods, people, and animals is a function of the transport sector.

The sector accomplishes this using various transportation methods, the most popular being air, land, and water.

Basically, the transport sector comprises business operations, automobiles, and infrastructure. The fixed networks, such as the highways, railroads, airports, canals, etc., and their corresponding terminals, make up the infrastructure.

Operations and cars are tightly intertwined; through many policies and laws, functions determine how the vehicles are managed.

The sector can be broken down into passenger transport, either public or private, and freight transport of animals and products.

The industry enables the transportation of people and things over great distances and at high speeds, which is essential for developing civilization and technology. Unfortunately, most transportation methods use a lot of land and pollute the air.

Largest logistics companies (2019):

  • XPO Logistics Inc. (United States)
  • UPS Supply Chain Solutions (United States)
  • DHL Supply Chain (United States)
  • J.B. Hunt Transport Services (United States)
  • C.H. Robinson Worldwide (United States)
  • Ryder Supply Chain Solutions (United States)·
  • Expeditors International of Washington (United States).

Pharmaceutical Industry

Industry worth: $934.8B

The pharmaceutical sector is a business industry that relies heavily on research; it creates, produces, and provides people with pharmaceuticals and prescriptions that can be self-administered or recommended by a doctor.

The medications are intended to treat or immunize people, stop infections, or lessen the symptoms.

The business poses several dangers, is extensively monitored by the government and non-governmental organizations, and is subject to several rules and regulations that address issues like medication safety and parenting, among others.

The pharmaceutical industry collaborates with biotechnology businesses on the creation of new drugs.

The global community depends on the growth of this sector. It is now possible to control and even halt several diseases, including HIV, thanks to research in the bioscience discipline, particularly biotechnology.

The largest companies

  • Johnson & Johnson $81.6B
  • F. Hoffmann-La Roche Ltd $57.73B
  • Pfizer Inc $53.6B
  • Novartis $51.9B
  • Bayer AG $45.27B
  • Merck & Co Inc $42.3B
  • GlaxoSmithKline Plc $40B
  • Sanofi $39.23B
  • AbbVie Inc $32.73B.

Mining Industry

Industry worth: $77.8B

The mining industry is a business industry that refers to the global extraction of priceless minerals, metals, and other natural resources from the ground. The sector also has something to do with discovering and exploring geological deposits.

Ore bodies, veins, lodes, seams, reefs, and placer reservoirs are a few examples of these deposits. Metals, coal, oil shale, gemstones, and many more types of ore are utilized in mining.

The mining industry seeks to provide resources that cannot be made in a lab or got through agricultural activities.

Ores and other types of raw materials are mostly employed in the chemical and metallurgical sectors, as well as for jewelry making and other commercial uses.

Even after a mine has shut down, mining operations hurt the environment. As a result, most nations have pledged to follow laws to lessen the effect.

Massive amounts of metal wind up in landfills because of the difficulty in recycling metal, which is another issue. Recent years have seen significant improvements in workplace safety, which used to be a primary concern in the sector.

Largest companies by market cap (2017)

  • BHP 87.86bn (Australia)
  • Rio Tinto 73.79B (UK- Australia)
  • China Shenhua Energy 62.4B (China)
  • Glencore Xstrata 51.37B (Switzerland)
  • Vale 40.17B (Brazil)
  • Coal India $24.62B (India)
  • Barrick Gold 18.28B (Canada)
  • Newmont Mining 17.51B (United States)
  • Anglo-American 17.33B (United States).

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Health Industry

Industry worth: $7.077 trillion

In this business industry list is the Health Industry. The healthcare sector is a global conglomerate of several industries that provide therapeutic, palliative, preventative, curative, and rehabilitative care.

In general, using the products and services offered by this industry aids in restoring and maintaining people’s health.

One of the largest and fastest-growing industries in the world today is healthcare.

The sector has grown to include many disciplines, and it now employs teams of experts that concentrate on the unique requirements of each patient. The world’s population access healthcare through public, private, and nonprofit institutions.

One of the nations with the highest healthcare expenditures in the US.

Largest companies by revenue 

  • McKesson Corporation $208.3B (United States)
  • UnitedHealth Group $201B (United States)
  • CVS Health $184.7B (United States)
  • AmerisourceBergen Corporation $153.1B (United States)
  • Cardinal Health $129.9B (United States)
  • Express Scripts Holding $100.06B (United States)
  • Anthem $89.06B (United States)
  • Kaiser Permanente $72.7B (United States).

Aerospace Industry

Industry worth: $838B

The development, design, and production of flight vehicles are the core activities of the aerospace sector. Additionally, the sector works on vital systems for the operation, upkeep, and testing of aircraft vehicles.

The advancement of science and technology is essential to the aviation sector. As a result, manufacturing aerospace systems and components are among the most difficult. There are comparatively few significant companies in the aerospace sector.

Only a tiny portion of the world’s 50 nations—or countries—have one or more aerospace enterprises in operation. Because of this, a nation’s aircraft industry serves as an excellent barometer of its technological, economic, and international standing.

Military establishments—both domestic and foreign—are the major aerospace countries’ most significant clientele, followed by commercial airlines, private, business, and non-commercial clients.

The American aerospace industrial complex has absorbed the whole industry. Most aerospace businesses are located in the United States. While their corporations provide military and civil aerospace components to the rest of the world, the Americans provide their military with flight vehicles and component units.

Largest companies

  • Boeing $93.4B (United States)
  • Airbus $72.3B (EU)
  • Lockheed Martin $51B (United States)
  • United Technologies $30.9B (United States)
  • GE Aviation $27.4B (United States).

Business Industry In the Philippines

The Philippines, the second-most populated nation in Southeast Asia after Indonesia, consistently has some of the world’s fastest economic growth. The Philippines’ economy is overgrowing in terms of international services and trade thanks to a populace ready to work abroad or with foreigners and a high degree of English ability.

The Business Environment in the Philippines

After decades of political turmoil and isolation, the Philippines has made a turn for the better and begun a thorough makeover of its politics and economy.

The Philippines, under the leadership of its top corporations, has now emerged as one of the most dynamic rising markets in the world by taking advantage of its population’s fluency in English and foreign employees.

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Best Business Industries in Philippine

Here are some of the best business industries in Philippine:

Tourism and Travel

The Philippines takes pride in being a luxurious tourist destination with stunning scenery. The most well-known locations include Bohol, Boracay Island, Aklan, and El Nido.

Agriculture

The Philippines’ economy has primarily historically been based on agriculture. According to the Philippine Statistics Authority (PSA), 9.3 percent of the nation’s total GDP was generated by agriculture, forestry, fisheries, and other similar sectors in the last quarter of 2017. The rate of growth is 2.4 percent.

Real estate

As the population does, demand for homes and other spaces will continue to rise. Investors rarely lose money when investing in real estate.

Since investors may reach a broad market of home searchers, students, young professionals, and of course, ever-expanding families and households, the Philippine real estate market is relatively sustainable, has significant momentum, and offers an alluring possibility for large profits.

Contracting out

Business process outsourcing, or BPOs, has been one of the Philippines’ most dynamic and quickly growing industries over the past ten years. The top economic contributors to the Filipino economy today are BPOs.

Retailing

The Philippines’ retail sector is booming due to the present inflation rate. Consumers’ continued high overall buy and consumption rates increase the demand for emerging retail stores.

Construction

According to current information from the Department of Trade and Industry (DTI), the government of the Philippines is allowing foreign investors to invest in the building sector with the hope that by issuing construction permits, these investors may eventually turn into local contractors.

Healthcare

A significant pace of growth is being experienced in the healthcare sector. In 2017, there was an 8% increase in overall health spending, totaling 712 billion Philippine Pesos. Overall, it contributed 4.5 percent of the GDP of the Philippines.

FAQs

What are the top 5 industries in the Philippines?

  • Agriculture
  • Real Estate.·
  • Outsourcing.
  • Retailing.
  • Travel and Tourism.
  • Construction.

What is a business industry?

An industry is a group of related businesses in terms of their primary activity.

How many business industries are there?

There are about 24 industry groups, 69 industries, and 158 sub-industries.

What is the fastest-growing industry in the Philippines?

The Business Process Outsourcing (BPO) sector is one of the fastest-growing industries in the Philippines.

Conclusion

The business industry is expansive and ever-growing. There are many opportunities to get involved in various aspects of the business world.

Whether you are interested in starting your own business, working for a company, or becoming a self-employed consultant, there are many options. The business industry is constantly evolving, so staying current on the latest trends and developments is essential.

References

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