Compare industry and sector.

The major differences between industry and sector are as follows −

Industry

• It includes group of organisation/firms who produces similar products/goods.

• It comprises grouping of companies/enterprises based on their business activities.

• It is categorised based on their process.

• The scope is narrow and it has a specific term.

• There are different firms which can for form cluster.

• It is ranked after sector.

• It has specific analysis view.

• Examples − manufacturing industry, extractive industry, construction industry etc.

Sector

• It includes business groups, which are having similar services/products.

• It comprises of entities/companies having similar processes/product line/operating activities.

• It is categorised based on business activities.

• It has wide scope and a general term.

• Industries combined to form sectors.

• It is ranked after economy.

• It has generalised analysis view.

• Examples: primary sector (agriculture, forest etc.), secondary sector (manufacturing industries), tertiary sector (support services like transportation, banking), quaternary sector (education, research etc.)