SEOUL, May 17 (Korea Bizwire) – Nearly seven in ten companies in South Korea are not prepared for the fourth industrial revolution, which is reshaping many economies and industries with a range of new technologies, a new report revealed.

According to the report released yesterday by the Hyundai Research Institute on the perception of the fourth industrial revolution among South Korean companies, just over 50 percent of the companies surveyed said they are not adequately prepared for the fourth industrial revolution, while nearly 18 percent said they are completely unprepared.

Among the 400 small and medium-sized enterprises and listed companies surveyed, over 70 percent are not ready to keep up with new technology breakthroughs including artificial intelligence, the Internet of Things and 3D printing to name a few, all of which are in great demand.

Only 2.2 percent said they are thoroughly prepared, while 26.7 percent said they are in the process of preparing for the fourth major industrial era since the initial Industrial Revolution in the 18th century.

When asked about obstacles, over 20 percent said excessive regulations and a lack of infrastructure were the biggest issues, while 18.6 percent said a lack of high-skilled workers was most problematic.

“As the survey shows most companies aren’t ready for the fourth industrial revolution, both the government and companies need to come up with more proactive measures,” said Jung Min, a researcher at the Hyundai Research Institute.

M.H.Lee (mhlee@koreabizwire.com)