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The PSF Markets Code is a code structure developed by the Public Spend Forum team, combining the work done within PSC, NAICS, NIGP and UNSPSC. The code is being maintained and improved through machine learning algorithms on a continuous basis.
The Product and Service Codes (PSC) provides codes to describe products, services, and research and development (R&D) purchased by the federal government. These codes indicate what a supplier does and is used to also tag federal government transactions with what may be purchased by an agency.
The North American Industry Classification (NAICS) System was developed for use by Federal Statistical Agencies for the collection, analysis and publication of statistical data related to the US Economy. It was adopted in 1997 to replace the Standard Industrial Classification (SIC) system in cooperation with the statistical agencies of Canada and Mexico. Their goal was to establish a North American standard. They developed the NAICS as the first classification based on a single economic concept.
The NIGP Commodity/Services Code is an acronym for the National Institute of Governmental Purchasings' Commodity/Services Code. The NIGP Code is a coding taxonomy used primarily to classify products and services procured by state and local governments in North America.