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What Is Industry Classification Data?

Information about business industries organized by classification codes makes up industry classification data. These industries include everything from agriculture and construction to retail and finance. This data can provide vital information on a country or region’s economic strengths.

Where Does Industry Classification Data Come From?

Governments and international organizations determine industry classification codes. The most commonly used codes are the NAICS (North American Industry Classification System) and the GICS (Global Industry Classification System).

You can also gather this data with web scraping tools and independent business registries.

What Types of Columns/Attributes Should I Expect When Working with This Data?

The main columns of this data are the industry codes themselves: the NAICS, the GICS, the ISIC, and various other national codes. Further, these codes have levels of specificity depending on your needs. For example, the NAICS lists the general category of Mining with the two-digit code 21. Metal Ore Mining bears the code 2122. Gold Ore and Silver Ore Mining: 21222. Gold Ore Mining: 212221.

You can also search these databases by keyword.

Alongside these codes, you will find industry-specific information like the number of companies registered in this category, the estimated number of employees, the annual revenue, and more.

What Is This Data Used For?

There are many uses for this data. First, you can determine the health of an economy or an industry in general. You can also perform market research or research on a specific company, to determine whether they are worth onboarding or underwriting.

How Should I Test the Quality of Industry Classification Data?

Government and international classification data is freely available. However, they tend to lack detail, especially for small businesses, and to use outdated taxonomy. Therefore, it may be worthwhile to create your own database.

To this end, starting with NAICS or GICS codes would be a good idea. Afterward, use machine learning programs to discover new companies or find more detail on registered ones. You can also use the existing codes as a jumping-off point to create your own detailed categories.

Interesting Case Studies and Blogs to Look Into

North American Industry Classification System (NAICS) Main Page US Census Bureau

Tangible Examples of Impact, a business classification company announced today that it has added 3 new SIC Codes to its classification system, bringing the total to over 10,000 SIC Code Extended classifications for businesses in the USA. The U.S. Government’s last update to the SIC Code System was in 1987 with 1,005 4-digit industries specified.

EIN News: Releases New Update to SIC Codes

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