Technology Transformation, Innovation, and Digital Economy Development in Developing Countries

Abstract

The COVID-19 pandemic is a gateway for businesses to develop technology and embrace digitalization to remain competitive. Various results stated the important role of innovation and technology transformation as potent weapons for survival in this evolving landscape. This research analyzes the role of technology and innovation, especially in developing countries, with few articles researching this field. A systematic literature review that examined 84 articles from reputable international journals was used, with a particular emphasis on developing countries. This research aimed to conduct a comprehensive analysis of existing literature by using the keywords “technology”, “innovation”, and “digital economy” to identify gaps and generate fresh insights. The articles were collected from ProQuest, Google Scholar, and Scopus search engines and imported into Mendeley software for analysis using VOSviewer. The visualization results showed that SMEs were the most frequently mentioned keyword with 41 occurrences. This research contributed by providing opportunities in the form of new paths and variables rarely used for further analysis. There were also implications for organizational management, both in profit and non-profit organizations, to enhance technological capabilities, thereby improving business efficiency and sustainability.