How industrial convergence happens: A taxonomical approach based on empirical evidences

• We identified the patterns of industry convergence through a clustering analysis.
• The successful Korean cases of industrial convergence were analyzed.
• Four industry convergence types were identified and investigated.
• The analysis results showed how industrial convergence takes place.

The current innovation paradigm clearly shows that the notion of “industry” is changing. Innovation no longer occurs within single industries. This paper employs practical data on 100 successful Korean cases of industrial convergence to analyze how industrial convergence takes place. Together, these practical cases represent the essential characteristics of industry convergence. We identify the pattern of industry convergence through a clustering analysis that identifies the characteristics of each cluster. As a result, we identify four industry convergence types: technology enhancer, policy-driven environmental enhancer, service-integrated social business generator, and technology-driven new value generator.