Exploratory Review of Applications of Machine Learning for Small- and Medium-Sized Enterprises (SMEs)

Small- and medium-sized enterprises (SMEs) play a vital role in economic growth and development. SMEs often face challenges when it comes to the adoption of new technologies, such as machine learning. However, recent developments in machine learning (ML) have made it easier for SMEs to leverage these applications to drive their businesses forward. SMEs face several challenges such as limited resources, lack of expertise, and access to technology. ML can help SMEs address these challenges by providing cost-effective solutions that enhance decision-making, improve operational efficiency, and drive growth. This paper discusses how SMEs can leverage ML applications, the benefits, and challenges associated with implementing ML, and best practices for successful ML adoption. In this study, 36 articles were analyzed, providing a comprehensive exploratory overview of the applications of machine learning in SMEs, as well as the associated challenges and opportunities. Finally, the paper concludes with some recommendations for SMEs looking to adopt machine learning in their operations.