Author(s): Asmat Ara Shaikh, Anuj Kumar, Asif Ali Syed and Mohammed Zafar Shaikh
The purpose of this study is to discuss the importance of technology for SMEs. The world is moving towards technology 5.0, SMEs have not able to adopt technology 2.0 effectively. COVID-19 pandemic has taught the world about the importance of technology in effective working from remote places. In the first section of this study, the authors will discuss the importance of technology adoption; later, the second section will focus on the various challenges in the adoption of technology. The research methodology is based on a systematic literature review. The authors have reviewed the literature of the last twenty years to judge the challenges pertaining to technology adoption. The literature has been reviewed in a longitudinal manner. The findings of this study suggest that the significant challenges in technology adoption are the cost of technology and infrastructure, technical skills and efficiency, adoption challenges, lack of organizational support, and governmental support.