The North American Industry Classification System (NAICS)
At the start of your research, it may not be clear what specific industry you should be examining. A good strategy is to find out if your business idea is classified in an industrial classification system. These systems organize industries by assigning them a numeric code. The most commonly used system is the North American Industry Classification System (NAICS). Once you know your Industry Classification Code you can use this number to:
- Find industry-specific statistics on government websites or in library databases
- Generate lists of competitors in company directories
Another common classification system is the Standard Industry Code (SIC). NAICS have mostly replaced the SIC, but the SIC is still used by some commercial databases. Finding and using these classification systems to effectively search can be tricky, so don't hesitate to ask a librarian for help.
Try These
| Type | Code | Description |
|---|---|---|
| NAICS | 52 | Finance and Insurance |
| NAICS | 524210 | Insurance Agencies and Brokerage |
| NAICS | 524113 | Direct Life Insurance Carriers |
| NAICS | 524114 | Direct Health and Medical Insurance Carriers |
| NAICS | 524123 | Direct Property and Casualty Insurance Carriers |
| NAICS | 524128 | Other Direct Insurance Carriers |
| NAICS | 524292 | Third Party Administration of Insurance and Pension Funds |
Search or browse all NAICS or SIC codes on the NAICS Association website. Some NAICS codes are different in Canada — you can search by keyword or browse Canadian NAICS codes at Statistics Canada or Canadian Industry Statistics. To search for a SIC code using a NAICS code and vice versa, use the NAICS & SIC Crosswalks.
For more information about planning your industry research, including identifying your industry codes, check out the video tutorial for Module 3: Planning Your Industry Research.