Tertiary Industry

Key Highlights

• Tertiary Industry is a branch of economic activity that involves providing services to consumers and businesses.

• The tertiary industry can include activities such as banking, retailing, transportation, communication, tourism, education, and health care.

What is Tertiary Industry?

Tertiary Industry, otherwise known as the service industry, is a branch of economic activity that involves providing services to consumers and businesses. This sector is often seen as an important part of modern economies as it provides the infrastructure necessary for other industries to operate.

Tertiary Industry Example

Financial Services: Banking, insurance, and investment services.

Transportation: Moving goods and people via rail, road, air, and sea.

Communication: Telecommunications and media services.

Retail and Wholesale: Distributive trades involving the sale of goods.

Education and Healthcare: Providing educational and medical services.

Tourism and Hospitality: Hotels, restaurants, and travel services.

Business Services: Legal, consulting, and IT services.

The shift from Tertiary to Quarternary Industry

• In the modern era, we are witnessing a transition from traditional fields of work such as agriculture and manufacturing to businesses with more complex operations in research, commerce, design, and computer technology.

• This shift is marked by transitioning away from a Tertiary economy and into a Quaternary economy.

• The quaternary industry focuses on advanced technologies like machine learning and artificial intelligence while also heavily relying on knowledge-intensive activities like high-tech research.

• This transition is not just a change from manual labor to automated processes, but a complete shift from production-based industries to those focusing on research and development.