What is IBISWorld?
IBISWorld is a comprehensive industry and market research database firm that provides information and analysis on more than 700 industries worldwide. The information available through IBISWorld can benefit business owners, investors, employees and job candidates, and students and researchers. The company’s stated goal is to “help organizations make better business decisions.”
- IBISWorld is a comprehensive industry and market research database firm that provides information and analysis on more than 700 industries worldwide.
- The company offers country-specific industry information for Australia, New Zealand, Canada, the United States, Mexico, the United Kingdom, Ireland, Germany, and China.
- Industry reports from IBISWorld are also available tailored for the needs of people working in specific roles, such as accounting and commercial banking.
Founded in 1971, IBISWorld gathers and analyzes vast amounts of economic, demographic, and market data. IBISWorld operates in Australia (headquarters), the United States, the United Kingdom, China, and Canada, serving 10,000 clients worldwide, as of 2020.
A key report for Australian businesses that IBISWorld publishes bi-annually is the Australian Profitability by Industry Report, which ranks 20 different industries in the Australian economy according to their after-tax return on shareholder funds (ROSF). It also includes an analysis of the 2,000 largest companies in Australia, based on their performance over the last five years, with more in-depth information and analysis of the 100 best-performing firms.
The information available from IBISWorld can be used to estimate market size, assess potential business competitors, and put together budgets and business and marketing plans.
In addition to global industry reports covering virtually every industry worldwide, IBISWorld offers country-specific industry information for Australia, New Zealand, Canada, the United States, Mexico, the United Kingdom, Ireland, Germany, and China. Industry reports for the United States also include separate industry reports for each of the 50 individual states.
What You Can Learn from IBISWorld – Example
IBISWorld provides users with a massive amount of information and critical industry analysis. To give you an idea of the extent to which IBISWorld collects and analyzes industry market data, it offers more than 100 individual industry reports just for the state of Colorado in the United States.
The report for the liquor store industry alone identifies the primary drivers for the industry. It gives you a five-year forecast of the main trends in the industry, along with a five-year growth forecast for the industry that includes growth projections for key industry statistics.
Content provided includes profitability analysis (including the average profit margins for the industry), Porter’s Five Forces analysis, SWOT analysis, and risk analysis. The report also identifies the major players and influencers in the industry, tells you the number of businesses in Colorado engaged in the industry and how many people they employ, and provides the total industry revenue.
The “Competitive Landscape” section of the report shows the level of market concentration, internal and external bases of competition, barriers to entry, key success factors, and cost benchmarks.
As another example, there are more than 15 separate reports on the mining industry in Australia alone, broken down into reports on the coal mining industry, metal and non-metallic mining, oil & gas extraction, and exploration and other support services for the mining industry.
IBISWorld information and analysis can be extremely valuable to corporate executives and key employees aiming to propel their business forward. A focus of IBISWorld reports is on identifying the key factors that drive success within an industry. For example, one report pinpointed the following factors as being essentially “golden rules” for business success:
- Focus on dominating a specific segment or niche of your industry.
- Always be innovating; the competitive landscape is constantly changing, and you can’t just rest on past successes.
- Outsource non-core business activities so that your employees can focus on core activities that drive your business operation.
- Lease, rather than purchase, hard assets such as land and buildings.
- Make sure your business employs top-notch financial management.
- Develop strategic alliances with your upstream and downstream business partners.
- Create a clear, values-oriented culture at your business as part of creating your brand identity.
IBISWorld Products Specifically for Your Role
Some of the main attractions of IBISWorld reports include the fact that they are continually updated and that you can obtain reports tailored to be specifically relevant to your occupation within an industry.
Rather than searching through global industry reports or looking at reports on industries within a given country, the many “IBISWorld for Your Role” reports provide information specifically relevant for your position or department within a company. For example, there are reports focusing on issues of particular importance for people working in accounting, investment banking, marketing, sales, and private equity.
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