Technology commercialization (TC) is crucial to companies’ survival and progress in the rigorous and competitive market environment. Thus, it is vital to understand the factors that impact the successful commercialization of developed products. This paper presents a systematic analysis of literature on TC. The transformation of ideas to marketable products or technology encompasses the steps involved in TC. This study also focuses on the incubators or channels for commercializing developed technologies. The contributions of incubators such as universities and research institutes, start-up firms, and established firms in developing the technologies and selling the products are explicitly presented. The systematic literature review was conducted on factors that influence technology commercialization through the means of analyzing relevant indexed and peer-reviewed journal articles. The purpose of this technique is to make the process of gathering the literature data more apparent and minimize the inconsistency of the researchers concerning the analyses. This paper adds to the knowledge by analyzing the major factors that impact the success of TC in an industrial firm and aids the researchers to establish the theoretical and empirical analysis of TC.