The Urgency of Research on Micro, Small, and Medium Enterprises (MSMEs): With Bibliometric Analysis of Trends, Challenges, and Future Directions

Abstract

Purpose: This research aims to highlight the importance of understanding Micro, Small, and Medium Enterprises (MSMEs) for businesses. MSMEs play a crucial role in the economy, as they not only create many jobs, but also drive innovation and the development of other economic sectors. With a deeper understanding of MSMEs, businesses are expected to adopt more targeted strategies to improve their competitiveness and sustainability. In addition, the results of this study are also expected to provide recommendations for policies that support the growth of MSMEs in the future.

Design/methodology/approach: The approach in this study uses a systematic literature review (SLR) with bibliometric analysis using VOSviewer related to MSMEs as a reference in “Article Title, Abstract and Keywords” sourced from the Scopus database from 2006 to 2024. The analysis was conducted on September 31, 2024. 

Findings: The findings of this study show that a deep understanding of Micro, Small, and Medium Enterprises (MSMEs) is crucial for businesses to face challenges and capitalize on opportunities. MSMEs have a significant contribution to the economy, especially in creating jobs and driving innovation. This study found that businesses with better knowledge of MSMEs management are more likely to formulate effective strategies to survive and thrive. The findings provide insights for policies that can support the development of MSMEs to ensure sustainability and competitiveness in the global market.

Research limitations/implications: This study relies on research literature on MSMEs that is only sourced from the Scopus database. Future studies can combine with the Web of Science database to expand generalization to be more comprehensive in explaining the research phenomenon.

Practical implications: The results of this study include implications for the management and development of sustainable strategies for MSMEs, providing valuable insights for both practitioners and academics in fostering growth and resilience in this sector.

Originality/value: Research related to MSMEs is increasingly becoming a compelling topic for practitioners and academics across various countries, both in developed and developing nations. To support the sustainable growth of MSMEs, studies in this area are essential to provide meaningful guidance for practitioners and academics in enhancing the performance, competitiveness, and resilience of MSMEs in the future.