AI in Small and Medium Enterprises: Assessing the Barriers, Benefits, and Socioeconomic Impacts

This paper investigates the intricate landscape of Artificial Intelligence (AI) integration within Small and Medium Enterprises (SMEs), delving into the assessment of barriers, benefits, and socioeconomic impacts. SMEs, as vital contributors to the global economy, encounter challenges in embracing AI technologies, necessitating a comprehensive exploration of factors hindering adoption and potential advantages. The literature survey scrutinizes existing studies, revealing prevalent barriers, elucidating the prospective advantages, and scrutinizing the socioeconomic repercussions of AI in SMEs. To address identified obstacles, a pragmatic framework is proposed, targeting cost constraints, skill deficiencies, and technological assimilation challenges. The research employs a multifaceted methodology, encompassing surveys, interviews, and case studies, ensuring a nuanced understanding through qualitative and quantitative data. An implementation model is articulated to guide SMEs through the AI integration process, tailored to their unique characteristics and emphasizing scalability and resource optimization. Results emanating from this study elucidate barriers surmounted, benefits accrued, and socioeconomic impacts witnessed in successfully AI-adopting SMEs. In conclusion, this paper consolidates insights to advance the comprehension of AI adoption in SMEs, offering a roadmap for effective implementation and contributing substantively to the broader discourse. The implications of these findings underscore the transformative potential of AI in SMEs, pointing towards avenues for further research and policy considerations.