Digital-Based Manufacturing Service and its Growth Determinants

Sang Hyun Lee () and Jiwon Park ()
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Sang Hyun Lee: Korea Institute for Industrial Economics and Trade, Postal: Sejong National Research Complex, Korea Institute for Industrial Economics and Trade, 370 Sicheong Dae-ro C-dong 8-12F 30147, Republic of Korea, http://www.kiet.re.kr
Jiwon Park: Korea Institute for Industrial Economics and Trade, Postal: Sejong National Research Complex, Korea Institute for Industrial Economics and Trade, 370 Sicheong Dae-ro C-dong 8-12F 30147, Republic of Korea, http://www.kiet.re.kr

No 21-16, Industrial Economic Review from 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.

Keywords: digital manufacturing service; smart manufacturing; manufacturing; Korea; manufacturing policy; digital service; manufacturing-service convergence; convergent manufacturing (search for similar items in EconPapers)
JEL-codes: L80 (search for similar items in EconPapers)
Pages: 11 pages
Date: 2021-10-01
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Persistent link: https://EconPapers.repec.org/RePEc:ris:kieter:2021_016

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