The service industries (more formally termed: ‘ tertiary sector of industry ‘ by economists) involve the provision of services to businesses as well as final consumers. Such services include accounting, tradesmanship (like mechanic or plumber services), computer services, restaurants, tourism, etc. The service industry is an industry in that part of the economy that creates services rather than tangible objects. Economists divide all economic activity into two broad categories, goods and services. Goods-producing industries are agriculture, mining, manufacturing, and construction; each of them creates some kind of tangible object.
A service industry is any industry that produces value is that primarily intangible such as customer service, management, advice, knowledge, design, data and experiences. Advanced economies are experiencing a long term shift whereby service industries are becoming a larger component of economic output relative to other industries such as:
Companies in this industry operate airports for commercial and general aviation and provide support services such as air traffic control, aircraft fueling and maintenance, baggage and cargo handling, ferrying aircraft, and rental of hangar space. The aviation industry is the business sector dedicated to manufacturing and operating all types of aircraft.
Banking is an industry that handles cash, credit, and other financial transactions. Banks provide a safe place to store extra cash and credit.
Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. The insurance sector is made up of companies that offer risk management in the form of insurance contracts.
E-commerce is the activity of electronically buying or selling of products on online services or over the Internet.
Retail is the process of selling goods and services directly to consumers. It’s done via multiple sale channels in a bid to make a profit. Basically, a retailer is any individual who operates their business either through a brick and mortar store or over an online eCommerce platform.
Most countries define education as a public good and a prime responsibility of public policy. But at the same time an education industry is developing, often at a global scale, offering various kinds of products and services to schools. This is most markedly the case in educational technology, but also in the field of educational resources, textbooks, and various kinds of support services. Moreover, global education industry leaders often express their views on the future of education and stress the need for 21st century skills and pedagogy.
The health care industry, or medical industry, is an aggregation of sectors within the economic system that provides goods and services to treat patients with curative, preventive, rehabilitative, and palliative care. The modern health care industry is divided into many sectors and depends on interdisciplinary teams of trained professionals and paraprofessionals to meet health needs. It includes the generation and commercialization of goods and services lending themselves to maintaining and re-establishing health.
The hospitality industry is a broad category of fields within the service industry that includes lodging, food and drink service, event planning, theme parks, and transportation. It includes hotels, restaurants and bars. The hospitality industry is generally recognized as a section of the wider service industry, with a focus on leisure, rather than more basic needs. The hospitality industry is much broader than most other industries.
Logistics is generally the detailed organization and implementation of a complex operation. In a general business sense, logistics is the management of the flow of things between the point of origin and the point of consumption to meet the requirements of customers or corporations. The transportation and logistics industry is confronting immense change: digital transformation, new market entrants, changing customer expectations, and new evolving business models.