Innovation Management of Small and Medium-Sized Enterprises: Disclosing Insights From Existing Literature and Determining Research Trends

Abstract

In the context of rapidly evolving economic landscapes characterised by globalisation, digitalisation, Industry 4.0 and 5.0 concepts, and the challenges posed by the pandemic, innovation management (IM) assumes a pivotal role in the operational effectiveness of contemporary small and medium-sized enterprises (SMEs). The main objective of the present study was to identify leading concepts and recent research trends in this domain. This objective was accomplished by conducting a bibliometric analysis of publications from 2004 to 2024, obtained from the Web of Science database. The utilisation of the VOSviewer instrument enabled an examination of keyword co-occurrence, culminating in the identification of six thematic clusters that reflected the evolution of research approaches. A thorough analysis of the collated data indicated a surge in interest within SMEs concerning IM, a preponderance of research in the domain of economics, and a substantial contribution to research from countries including China, Spain and Germany. The analysis identified six clusters, the structure of which reflects both changes in business practices and the evolution of research priorities. This underscores the significance of digitalisation as a pivotal element in enhancing competitiveness. The study's findings also indicate a shift in academic focus from issues related to knowledge and organisational culture towards strategy, dynamic capabilities, and digital transformation, whilst maintaining the significance of earlier concepts as a theoretical foundation. Furthermore, the preponderance of the publications analysed have been found to be conducive to the realisation of Sustainable Development Goal 9, which places a particular emphasis on the domains of industry, innovation and infrastructure.

Keywords: innovation management, SMEs, VOSviewer