Industry Research

All the sources listed in this guide can be applied across different industries, though some industries may present challenges when conducting research.

Industries dominated by a few key players are harder to research because the available pool of information is smaller, and these companies may be less transparent about their data. Private companies are also difficult to research as they tend to keep their information more confidential, making it harder to find open data in industries where private companies dominate. Industries that are part of a larger sector can be harder to research as well, as sources often focus on the broader industry, not its smaller components. Niche industries may have fewer available resources because of their limited audience and smaller pool of interested parties.

In contrast, industries that are large, dominated by public companies, and/or highly regulated tend to have more accessible information.

Look at Company Filings
For more information, you can examine filings made by companies with the Securities & Exchange Commission (SEC) and other regulators. By analyzing multiple companies, a broader view of the industry can be pieced together. More details on this approach are provided under the "Research the Companies" section of the guide.

Be Creative in Your Research
When industry data is hard to find, creativity will be essential. Information may be fragmented and will need to be pieced together for a comprehensive picture. Some strategies for finding industry information include:

• Searching full-text databases for articles in trade publications or local newspapers, which may have web content with varying levels of access.
• Consulting government data, such as information from the Census Bureau or industry-specific regulatory agencies.
• Looking into industry associations that might offer free or paid reports, some of which may be available in library collections.
• For industries with both public and private companies, SEC filings can provide insights, as detailed in the "Research the Companies" section.
• Reviewing company websites to understand how businesses in the industry present themselves, their services, and their target markets.

Research the Companies
When conducting industry research, it's essential to investigate the companies that make up the industry. This will help you understand the key players and, in some cases, allow you to gather insights from what companies say about themselves and the industry as a whole. By combining this information with data from other companies and additional research, you can create your own "market research" report if purchasing one from a major vendor is not an option.

Securities and Exchange Commission (SEC) filings, particularly 10-K forms, can provide more than just details about a specific company—they can offer insights into the industry as a whole, even in sectors that aren’t dominated by large public companies.

The 10-K filing, which is filed annually by all public companies, consists of several sections. Item 1 is particularly useful because it contains information about the company and, in many cases, mentions competitors and industry details. The way companies present this information can vary, but it typically reflects their organizational structure.