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