NAICS 56 - Administrative and Support and Waste Management and Remediation Services
The Sector as a Whole
The Administrative and Support and Waste Management and Remediation Services sector comprises establishments performing routine support activities for the day-to-day operations of other organizations. These essential activities are often undertaken in-house by establishments in many sectors of the economy. The establishments in this sector specialize in one or more of these support activities and provide these services to clients in a variety of industries and, in some cases, to households. Activities performed include: office administration, hiring and placing of personnel, document preparation and similar clerical services, solicitation, collection, security and surveillance services, cleaning, and waste disposal services.
The administrative and management activities performed by establishments in this sector are typically on a contract or fee basis. These activities may also be performed by establishments that are part of the company or enterprise. However, establishments involved in administering, overseeing, and managing other establishments of the company or enterprise, are classified in Sector 55, Management of Companies and Enterprises. These establishments normally undertake the strategic and organizational planning and decision making role of the company or enterprise. Government establishments engaged in administering, overseeing, and managing governmental programs are classified in Sector 92, Public Administration.
Industry trends:
The NAICS 56 sector, which encompasses Administrative and Support and Waste Management and Remediation Services, has seen significant qualitative trends shaping its landscape. One notable trend is the increasing integration of technology and automation in administrative and support functions. This includes the widespread adoption of AI-driven customer service platforms, automated workflow management systems, and enhanced data analytics to improve efficiency and decision-making processes. The reliance on remote work solutions continues, driven by the pandemic-induced shift towards flexible working arrangements.
In the waste management and remediation segment, there's a growing emphasis on sustainability and environmental responsibility. Companies are investing in advanced recycling technologies, waste-to-energy solutions, and more efficient waste sorting mechanisms to meet stringent environmental regulations and consumer demand for greener practices. The circular economy concept is gaining traction, with businesses focusing on reducing waste through reuse and recycling initiatives.
Looking ahead, the sector is expected to further embrace digital transformation, with continued investments in smart technologies to enhance operational efficiency. The regulatory landscape around environmental practices is anticipated to become more stringent, pushing firms to adopt more sustainable waste management practices. Additionally, the trend towards remote and hybrid work setups is likely to persist, influencing the demand for administrative support services that cater to a decentralized workforce.
This industry is comprised of:
This report includes the ability to segment your Industry by:
- Region
- Employees
- Net Sales
- Company Age
- Total Assets
- Ownership Type
With iCFO You Get
What Is iCFO?
A review and comparison of financial performance of privately-help companies in specified SIC/NAICS industry segment, using industry standard benchmarks.
Sound Business Analysis
Answers come easily with iCFO. Review ROI, sales per employee, profit margins of the top 10%, top 25% and more, to identify areas of concern and opportunity. Examine what if scenarios and P&L impact of reducing costs or adding revenue.
Your Business’ Health In Minutes
It takes only five minutes to enter your data and produce a concise profile of your company’s fiscal state, including critical business ratios focusing on liquidity, profitability, asset efficiency, and growth.