AbstractJustifiably, while big data is the primary interest of research and public discourse, it is essential to acknowledge that small data remains prevalent. The same technological and societal forces that generate big datasets also produce a more significant number of small datasets. Contrary to the notion that more data is inherently superior, real-world constraints such as budget limitations and increased analytical complexity present critical challenges. Quality versus quantity trade-offs necessitate strategic decision-making, where small data often leads to quicker, more accurate, and cost-effective insights. Concentrating AI research, particularly in deep learning (DL), on big datasets exacerbates AI inequality, as tech giants such as Meta, Amazon, Apple, Netflix and Google (MAANG) can easily lead AI research due to their access to vast datasets, creating a barrier for small and mid-sized enterprises that lack similar access. This article addresses this imbalance by exploring DL techniques optimized for small datasets, offering a comprehensive review of historic and state-of-the-art DL models developed specifically for small datasets. This study aims to highlight the feasibility and benefits of these approaches, promoting a more inclusive and equitable AI landscape. Through a PRISMA-based literature search, 175+ relevant articles are identified and subsequently analysed based on various attributes, such as publisher, country, utilization of small dataset technique, dataset size, and performance. This article also delves into current DL models and highlights open research problems, offering recommendations for future investigations. Additionally, the article highlights the importance of developing DL models that effectively utilize small datasets, particularly in domains where data acquisition is difficult and expensive.