Businesses and governments require information regarding the current environment/status of their economy. It is necessary to analyze the different industries/sectors of the country which bring value to the state and make decisions based on that information.
For this, everyone from new entrepreneurs to the commoner waits for the industry reports. This report can help you understand the information/status of a particular industry and the present economic condition.
What is an industry report and who makes these reports?
The industry report is a comprehensive account of a specific sector/industry. The record contains depth information, statistics, and facts. It could be private (only for industry insiders/paid subscribers) or public (for everyone).
Who prepares these reports?
Different parties can prepare the record, such as:
These institutions conduct market surveys and combine various industry reports, and put a price on the record. It is later bought by various companies and government organizations. These records are crucial for many managers for their decision-making and future endeavors.
The government bodies prepare and compile different records, just like the research firms, and calculate the state’s overall economic condition. These reports are usually available to the public.
Various companies in the economic sector prepare reports for their own use and assist the management in decision-making. These records are not available for outsiders.
What are the components of an industry report?
An industry report is not like a common information-filled record. It is specially prepared to assist the management in decision making and for the government to analyze the economic situation for future policies.
This record becomes so crucial because it will also be a part of future surveys and research, and it can be said that these reports serve as the detailed history of that particular industry.
The records usually contain the following components:
The record contains a comprehensive definition of the industry, quoting what the industry includes and what comes outside its purview.
Major industry players
As the heading says, the record will include the top players of the sector. Top players can be categorized as the ones making the highest revenues, most influential in the stock market, the value of goods they produce, etc. The list can also differ if there is a monopoly or duopoly.
It is slightly similar to the point mentioned above, but it includes top players plus all the remaining players (in percentage). It shows the amount of market/customer each company has to date. Sometimes, it showcases the future projection of the companies as well.
This part lists the various innovations and progress made by the economic sector and how they impacted the business/economy and human life. It deeply measures the industry’s contribution to socio-economic development.
This includes the total employment figures and distribution in various firms within the sector. Key statistics also have the ratio of men and women in the workforce.
Historical and present trends
This part includes the facts and figures (sales and profit, revenue) of different firms in the sector. The trends are usually present for 5 to 10 years and the current trend pertaining to the previous year.
There will be an overall analysis of the economic sector in terms of its strength, weakness, opportunities, and threats. This part is also crucial for the companies, as these records will help them make future decisions.
The record includes the prospects of the present firms in the sector and the scope of new players. It is a kind of half conclusion and half prediction. The new players may or may not come, and certain players can change the industry as well.