OKEREAFOR Geff1, EKE Abigail Chinwe2, AHAIWE Emmanuel3
1, 3Department of Marketing, College of Management Sciences
Michael Okpara University of Agriculture Umudike, Abia State
2Department of Industrial Relations & Personnel Management
College of Management Sciences
Michael Okpara University of Agriculture Umudike, Abia State
Corresponding email: geffie.ok@gmail.com
Abstract
This paper provided a review of Artificial Intelligence (AI) from an exploratory viewpoint and its imperatives for growth of SMEs in the context of emerging economies. The paper underscores the transformative impact AI has on modern business, and highlights the immense advantages and barriers associated with AI adoption by SMEs in less developed economies. The aim is to contribute to the expanding conceptual framework on AI, to deepen understanding and to emphasize the urgent need for AI implementation by SMEs in developing countries. Extant literature validates and indeed strongly supports the view that AI offers ample leverage for SMEs in emerging economies to catalyze innovation, generate employment, and for government and other stakeholders to continue to promote AI technology en route to achieving economic growth and development. The paper concludes that AI adoption is critical for the success of businesses in emerging economies and recommends that governments of developing countries should provide robust policy frameworks and financial incentives to enable SMEs adopt and implement AI.
Keywords: Artificial Intelligence, Emerging economies, SMEs, technology,