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Digital-Based Manufacturing Service and its Growth Determinants

Author

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  • Lee, Sang Hyun

    (Korea Institute for Industrial Economics and Trade)

  • Park, Jiwon

    (Korea Institute for Industrial Economics and Trade)

Abstract

Current discourse on digital transformation in the manufacturing industry converges on smart manufacturing, a new paradigm in the field. The pursuit of smart manufacturing aims not only to improve the performance of existing manufacturing firms but also to create value in a continuous way. This kind of value creation is differentiated in that it depends on a smart manufacturing ecosystem in which all participants are connected and integrated through digital technologies. Hence, successful smart manufacturing invigorates the whole ecosystem by generating significant ripple effects. Governments might thus consider smart manufacturing policy to stimulate their economies and support sustainable economic growth. This paper assesses the current smart manufacturing policies of the Korean government and proposes reforms to enhance their effectiveness.

Suggested Citation

  • Lee, Sang Hyun & Park, Jiwon, 2021. "Digital-Based Manufacturing Service and its Growth Determinants," Industrial Economic Review 21-16, Korea Institute for Industrial Economics and Trade.
    • Handle: RePEc:ris:kieter:2021_016
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    More about this item

    Keywords

    digital manufacturing service; smart manufacturing; manufacturing; Korea; manufacturing policy; digital service; manufacturing-service convergence; convergent manufacturing;
    All these keywords.

    JEL classification:

    • L80 - Industrial Organization - - Industry Studies: Services - - - General

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