Digital platform business models among platform-adopting SMEs in emerging markets: a bibliometric and systematic literature review

Purpose This paper maps research (2016 to 2025) on digital platform business models among platform-adopting small and medium-sized enterprises (SMEs) in emerging markets and explains why the field documents value creation far more thoroughly than value capture. Design/methodology/approach Following the preferred reporting items for systematic reviews and meta-analyses (PRISMA) 2020, 80 Scopus-indexed articles form the bibliometric sample, mapped with Bibliometrix and VOSviewer and coded against explicit business-model dimensions; one study added by citation searching brings the qualitative synthesis to 81. Findings Research concentrates on Indonesia and China and examines adopters (75 of 80) rather than builders. Coding reveals a creation-capture asymmetry: the reviewed studies generally report creation-side gains, yet none measures retained profit as a distinct outcome, cost structure is unreported in 63 and platform dependency in 49, and most evidence is cross-sectional. Adoption lenses reach entry, capability lenses reach conversion, and only governance lenses address how value is divided. Research limitations/implications The review uses one database, supplemented by citation and hand-searching, and is scoped to platform adoption. Practical implications Managers should build digital capability before scaling platform use and scrutinize the commission and ranking terms that determine retained value. Operators and policymakers should govern platforms so that participation remains supportive rather than extractive. Originality/value The paper proposes the creation-capture asymmetry as an organizing lens and suggests that it partly reflects the theoretical lenses the field borrows.