Micro irrigation technologies (MITs), such as drip and sprinkler systems, have been recognized as transformative solutions for enhancing agricultural productivity, optimizing water use, and promoting environmental sustainability. However, their adoption among smallholder farmers remains limited due to a complex interplay of economic, social, technical and environmental constraints. Traditional frameworks for assessing economic viability of these technologies often focus narrowly on financial metrics, neglecting critical factors such as water availability, market dynamics, and the technical and socioeconomic contexts. A systematic review of the literature from 2014 to 2024 was conducted following the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines. Articles were sourced from major databases, including Scopus, Taylor and Francis, IEEE Xplore, and Web of Science, yielding a final dataset of 69 relevant studies from an initial pool of 719 articles. The analysis of selected studies highlights key trends, including a growing focus on economic and water management aspects and the role of institutional and policy support in MIT adoption. A novel framework is proposed that integrates dimensions such as water availability and management, market dynamics, socioeconomic factors, and environmental sustainability. This comprehensive approach addresses limitations in traditional financial metric-based evaluations, offering actionable insights to policymakers and stakeholders. The findings aim to advance the adoption of MITs by aligning technical and market strategies with the needs of smallholder farmers, contributing to global food security and environmental goals.