Industry & Market Research: Industry Profiles/Data
Industry classification systems are created to promote data comparability. NAICS (current version) and SIC (older version) are the most widely used in the United States. You can search by codes to find information on industries or sectors in many databases and government websites. However, NAICS and SIC focus on broader industry activities and may not have a specific code for niche/emerging industries. Many databases (e.g., Hoover's) also have their own classification systems.
NAICS (North American Industry Classification System)Standard used by Federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy. Updated every 5 years.
SIC (Standard Industrial Classification)Older system (doesn't cover industries that emerged after 1987).
Common Challenges & Research Strategies
- Issue #1: Information availability depends on the specific industry. Not every industry is covered in all databases. There may not be a report on an emerging or niche industry in any database. Reports found via Google may not be available through the Library.
- Strategy: Broaden your search (e.g., instead of the "buttons industry", find information on "clothing accessories") or look up information in related/competing industries. Think about your target customers and what else they may like to do then research that market (you will need to make some educated assumptions). Do article/Web search. Look up Form S-1 or 10K of a public company in the same industry.
- Issue #2: Different databases may call the same industry differently. Even NAICS codes can be different as they are assigned by the research firms that produced the reports/data.
- Strategy: Brainstorm synonyms, be flexible in your search, or search by company name (main players) or prominent brand names.
- Issue #3: Even on the same industry, numbers from different databases may not be the same, due to difference in scope, time period, source, or methodology.
- Strategy: Make sure you understand how a particular report defines the industry, and what the numbers mean (e.g., production vs. retail sales). Get information from a few different sources and come up with your own estimate.
- Issue #4: Most databases provide industry/market information on the national level rather than local.
- Strategy: Make educated assumptions, consult Census industry data by state, do article/Web search for info on local markets.
An industry association is established to advocate for the industry and associated companies. They collect and provide unique data/articles/reports. Sometimes these sources are on their websites for free.
To find the industry association websites:
- Do a Google search with keywords followed by "association".
- Industry profiles in library databases may have a section for related associations. For example, in the IBISWorld report, look under "About this Industry", then "Additional Resources".
COVID-19 Economic Impact Tracker (CEIT)"Provides access to Cortera’s database of over $1.5 trillion in annual spending by millions of US businesses to help understand the ongoing COVID-19 crisis." Data available by industry and state.
Census Business and EconomyThe Census Bureau produces economic data across the entire economy on a monthly, quarterly, yearly, and five-year basis. ** Data NOT available from the Economic Census.
Census Business Builder"A suite of services that provide selected demographic and economic data from the Census Bureau tailored to specific types of users in a simple to access and use format."
Proquest Statistical Abstract of the United StatesMaintains the authoritative and comprehensive summary of statistics on the social, political, and economic conditions of the United States.
Sizing the Market
Market research reports databases like IBISWorld, Mintel, Passport, and Statista may have information on market size.
However, it's not always easy to find size information on a narrow/niche or emerging markets. When that happens, search for Business Source Premier and Nexis Uni to see if the info is mentioned in articles. Industry associations often provide estimates. Google is great at picking up news, blog posts, and press releases that may mention specific numbers.
You may also need to infer from broader market data and come up with your own estimates, esp. for new products/services that don't exist yet. Below are tutorials tutorials on how to size a market:
Ranked Portland/Oregon Businesses
Portland Business JournalProvides access to Portland Business Journal (and other city business journals) and Book of Lists. You must create an individual account to access.
PSU faculty/staff/students please create an account using your PDX email
Industry Profiles & Market Research Reports
IBISWorldIn-depth reports on US industries.
MintelMaintains market research reports and consumer demographic/lifestyle profiles covering U.S. and international marketplaces.
PassportContains extensive statistics and analyses on countries, industries, companies, and consumers.
StatistaProvides statistics from over 18,000 free and proprietary sources on a wide range of topics such as business, media, and demographics.
Business Insights: GlobalProvides company and industry profiles, including SWOT reports, market share reports, investment reports, articles, financials, and case studies.
Business Source PremierProvides full text and citations to articles in various business publications; also includes company profiles, industry profiles, and country information.
Investext (via Mergent Online)Provides reports written by analysts at investment banks, brokerage houses, and consulting firms. Reports cover financials and analysis on companies and select industries.
Automotive News Data CenterMaintains international statistics on the automotive market including sales, production, inventory, and incentives. PSU faculty/staff/students please log in with your PSU (ODIN) ID to view username/password. Visitors please contact the Reference Desk.
SMA: Sports Market Analytics (formerly SBRNet: Sport Business Research Network)Provides coverage of market segmentation for sporting goods, sports e-commerce, sports marketing, sports sponsorship, and sports facilities as well as articles on sports broadcasting and social media.