Emerging Technologies: Challenges and Risks for Business Environments

In recent times, there has been a rise in the adoption of emerging technologies within the global business landscape. However, it has also been reported that this could be associated with significant and overwhelming risk and challenges. The aim of this study is to explore the risks and challenges of adopting emerging technologies for businesses. The study adopted a systematic literature review methodology which is based on the retrieval of relevant studies from databases such as Scopus, Web of Science, and IEEE Xplore using relevant keywords and Boolean operators to form a search string. The study selection process adhered to the PRISMA framework. The study included 11 relevant studies for review and reported challenges such as limited funding, lack of skilled personnel, poor strategic planning, cyber-attack, and complexity. Some factors that influence the severity and nature of these challenges and risks also include the size of business, nature of sector, and geographical location. However, this study makes practical recommendations such as context-specific approach, quality leaderships, and cybersecurity. The finding of this study will contribute towards an increase in the adoption rate of emerging technology with very limited risks and challenges for businesses.