The IoT has emerged as a powerful tool for Small and Medium-sized Enterprises (SMEs) to improve performance and productivity. However, many SMEs are hesitant to embrace this transformative technology. Existing research often overlooks the specific factors influencing IoT adoption by SMEs in developing economies. This study aims to bridge this gap by identifying key drivers and barriers affecting IoT adoption among SMEs through a comprehensive literature review. By analysing both the potential benefits and the challenges faced by SMEs, we hope to accelerate the adoption rate of IoT within developing economies. Additionally, the findings can serve as a strategic guideline for SMEs in Botswana, specifically promoting the national adoption of emerging technologies. Thus, by embracing IoT, Botswana's SMEs can become more competitive and contribute to achieving national development goals enshrined in Vision 2036 strategic master plan.