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In recent years, the convergence of the Internet of Things (IoT) and machine learning technologies has instigated advancements in IoT, and machine learning has revolutionized SMEs, reshaping their role in regional economic growth. These technologies provide SMEs with innovative tools, fostering connectivity within regional ecosystems. This transformation is crucial for China's economic realignment in its 'new normal' phase, with enterprises driving social and economic progress. This study proposed the XGBoost algorithm and IoT data enhance collaboration among SMEs in regional economies, fostering innovation and driving economic development. The role of IoT and machine learning in promoting sustainable regional economic prosperity. Technological innovation is essential for enterprise survival and growth in a competitive landscape. This paper examines the influence of environmental factors and geography on economic development across China's regions. It focuses on SME coupling and coordination, contributing to regional economic progress through performance evaluation. IoT integration provides SMEs with abundant real-time data, enabling deep insights into customer behavior, supply chains, and production. Simultaneously, the XGBoost algorithm efficiently processes and extracts actionable insights from this data. Data from 11 provinces in the Yangtze River economic belt highlights Jiangsu Province's leadership in regional innovation performance for 2015 and 2020. The empirical results, grounded in datasets amalgamating information from these provinces, attest to the potential of this IoT and XGBoost-driven approach. Boasting an impressive accuracy rate of 91.7%, surpassing alternative machine learning techniques like SVM, KNN, DT, RF, and LR, this research underscores the effectiveness of this integrated strategy in optimizing SME operations. Additionally, it computes the coupling coordination degree, innovation environment ranking, mean value, and numerical changes from 2010 to 2020, with an average innovation coupling coordination degree of 0.1624 across 30 Chinese provinces. [ABSTRACT FROM AUTHOR]