Digital Business Models: A Systematic Literature Review and Bibliometric Analysis of Trends, Themes, and Future Research Directions

Authors

Neng Eni Nur Aeni Internasional Women University
Nurjamilah Nurjamilah Internasional Women University

DOI:

https://doi.org/10.54518/fid.4.1.2026.1528

Keywords:

Bibliometric Analysis, Digital Business Models, Digital Economy, Digital Transformation, Systematic Literature Review

Abstract

The development of the digital economy has transformed how firms create, deliver, and capture value, increasing scholarly attention to digital business models as strategic approaches to technological change and market dynamics. This study aims to examine the evolution of research on digital business models, identify dominant and emerging themes, and formulate future research directions. The study combines a Systematic Literature Review (SLR) and bibliometric analysis of literature published between last five years. Bibliometric analysis is employed to map publication trends, keyword co-occurrence patterns, thematic structures, and research developments, while the SLR synthesizes existing findings and identifies research gaps. The results indicate that research on digital business models has evolved from a focus on digital transformation toward business model innovation, digital platforms and ecosystems, artificial intelligence- and data-driven business models, digital entrepreneurship, and sustainability. From an economic and business perspective, digital business models have the potential to improve efficiency, productivity, scalability, competitiveness, and value creation. Future research should strengthen empirical investigations into value capture, economic performance, resilience, and the long-term sustainability of digital business models.

References

Aagaard, A., & Tucci, C. (2024). AI-driven business model innovation: pioneering new frontiers in value creation. In Business model innovation: Game changers and contemporary issues (pp. 295-328). Cham: Springer International Publishing.

Alkenani, A. A. N. (2022). Perspective Chapter: Digital Business Model–The Present, Future, and the Vision. In E-Service Digital Innovation. London: IntechOpen.

Ancillai, C., Sabatini, A., Gatti, M., & Perna, A. (2023). Digital technology and business model innovation: A systematic literature review and future research agenda. Technological Forecasting and Social Change, 188, 122307.

Borges, A. F., Laurindo, F. J., Spínola, M. M., Gonçalves, R. F., & Mattos, C. A. (2021). The strategic use of artificial intelligence in the digital era: Systematic literature review and future research directions. International journal of information management, 57, 102225.

Fielt, E. (2024). Digital business model innovation: An external enablement perspective and research agenda. Journal of Business Models, 12(3), 19-41.

Hanelt, A., Bohnsack, R., Marz, D., & Antunes Marante, C. (2021). A systematic review of the literature on digital transformation: Insights and implications for strategy and organizational change. Journal of management studies, 58(5), 1159-1197.

Jia, Y., Su, J., Cui, L., Wu, L., & Tan, K. H. (2023). Platform business model innovation in the digitalization era: A “driver-process-result” perspective. Journal of business research, 160, 113818.

Jingwei, Z., Yuqi, T., & Xiujuan, J. (2022). Digital business model: a literature review and research prospects. Science & Technology Progress and Policy, 39(13), 151-160.

Jorzik, P., Klein, S. P., Kanbach, D. K., & Kraus, S. (2024). AI-driven business model innovation: A systematic review and research agenda. Journal of business research, 182, 114764.

Kazantsev, N., Islam, N., Zwiegelaar, J., Brown, A., & Maull, R. (2023). Data sharing for business model innovation in platform ecosystems: From private data to public good. Technological Forecasting and Social Change, 192, 122515.

Kraus, S., Jones, P., Kailer, N., Weinmann, A., Chaparro-Banegas, N., & Roig-Tierno, N. (2021). Digital transformation: An overview of the current state of the art of research. Sage Open, 11(3), 21582440211047576.

Kurti, E., Salavati, S., & Mirijamdotter, A. (2021). Using systems thinking to illustrate digital business model innovation. Systems, 9(4), 86.

Li, X., Zhang, L., & Cao, J. (2023). Research on the mechanism of sustainable business model innovation driven by the digital platform ecosystem. Journal of Engineering and Technology Management, 68, 101738.

Liu, K. P., Chung, K. W., Chiu, W., & Chen, G. (2024). Digital transformation driving SME business model innovation: A dynamic capabilities perspective. Journal of Global Information Management (JGIM), 32(1), 1-23.

Mukherjee, D., George, A. J., & Joseph, R. P. (2023). Unveiling the Influence of Digital Transformation on Business Model Innovation in the Digital Economy: A Systematic Literature Review. Northern Economic Review.

Nerbel, J. F., & Kreutzer, M. (2023). Digital platform ecosystems in flux: From proprietary digital platforms to wide-spanning ecosystems. Electronic Markets, 33(1).

Shaik, A. S., Alshibani, S. M., Jain, G., Gupta, B., & Mehrotra, A. (2024). Artificial intelligence (AI)‐driven strategic business model innovations in small‐and medium‐sized enterprises. Insights on technological and strategic enablers for carbon neutral businesses. Business strategy and the environment, 33(4), 2731-2751.

Shenkoya, T. (2022). Analysis of digital platforms' business models and their applications in the 4th industrial revolution. Journal of Engineering and Technology Revolution, 1-12.

Srisuwan, N. (2025). Business Model Innovation in the Era of Digital Transformation. International Journal Business and Entrepreneurship, 2(2), 118-126.

Sun, X., Wang, H., Zhang, Y., & He, J. (2024). Mechanism of digital business model innovation driven by big data in manufacturing enterprises. Frontiers of Business Research in China, 18(2), 95.

Trischler, M. F. G., & Li-Ying, J. (2023). Digital business model innovation: toward construct clarity and future research directions. Review of Managerial Science, 17(1), 3-32.

Vaska, S., Massaro, M., Bagarotto, E. M., & Dal Mas, F. (2021). The digital transformation of business model innovation: A structured literature review. Frontiers in psychology, 11, 539363.

Verhoef, P. C., Broekhuizen, T., Bart, Y., Bhattacharya, A., Dong, J. Q., Fabian, N., & Haenlein, M. (2021). Digital transformation: A multidisciplinary reflection and research agenda. Journal of business research, 122, 889-901.

Winter, J. (2021). Digital Business Model Innovation: Empirical insights into the drivers and value of Artificial Intelligence. Int. J. Comput. Technol, 21, 63-75.

Downloads

Published

2026-07-28

How to Cite

Aeni, N. E. N., & Nurjamilah, N. (2026). Digital Business Models: A Systematic Literature Review and Bibliometric Analysis of Trends, Themes, and Future Research Directions. Finance Innovations Digest, 4(1), 214–229. https://doi.org/10.54518/fid.4.1.2026.1528