Global industry is any kind of industry in which performance is dependent on trends, competitiveness, and political and social climates in countries all over the world. The primary functions of global industry analysts may include the monitoring of business cycles, forecasting industry growth, and determining various risk factors. Analysts are typically hired as industry consultants and serve their clients by advising them in how best to expand and continue day to day operations.
Business cycles tend to differ from nation to nation: one country may be in a recession while another country may be experiencing an economic upswing. Some expert believe that as global markets among countries become more dependent on one another, business cycles are becoming more and more synchronous. Global industry analysts work with client businesses to make decisions that best reflect the market behaviors in different countries. This service may be required for companies that participate in international trade. Prices of various goods and services are often determined by global market trends, so even businesses that operate only domestically may have need for this kind of analysis.
Industry growth often plays a big part in factors such as competitiveness, pricing, and the cost of operations. One common task of global industry analysts is to record the growth of a particular industry and determine how this will affect the financial planning for a client business. Analysts might compose reports based on growth forecasts and meet with accountants and financial managers who can prepare financial statements and strategies that should allow the business to prosper.
Determining risk factors is another important duty of many global industry analysts. Risk is commonly determined through the use statistical analysis based on past events or by observing the behaviors of relevant investors. When analysts predict that certain markets may be in decline, they may recommend to executives that they alter investment strategies or hesitate before purchasing certain shares.
Global industry analysts normally work for larger firms. Firms tend to categorize the work they do by a number of different qualifiers. For example, it is common to find firms that specialize in the markets of certain countries or regions. Likewise, many global analysis firms also work with certain industries, such as weapons and defense, transportation, or information technology. A number of firms in this field provide services for a number of different industries with concerns all over the world and hire certain analysts who have experience and training in particular areas of interest.