Opportunities and Challenges of Implementing Smart Farming for Agribusiness Development in the Era of Agricultural Market Digitalization

Abstract

This study explores the opportunities and challenges associated with implementing smart farming technologies in agribusiness development amidst the digitalization of agricultural markets. Employing a qualitative research approach, this literature review synthesizes existing research, case studies, and theoretical frameworks to identify the impacts of smart farming on productivity, sustainability, and market access. The findings indicate that smart farming presents numerous opportunities, including enhanced resource management, improved crop yields, and increased efficiency through data-driven decision-making. Additionally, the integration of Internet of Things (IoT) devices and precision agriculture tools can significantly transform traditional farming practices. However, challenges such as high initial investment costs, inadequate infrastructure, and a lack of digital literacy among farmers hinder widespread adoption. The study highlights the necessity for policy interventions, training programs, and collaborative efforts between stakeholders to address these challenges. By understanding the interplay between smart farming technologies and market digitalization, stakeholders can develop strategies to leverage innovations for agribusiness growth. Ultimately, this research contributes to the discourse on modern agricultural practices, offering insights into how smart farming can reshape the future of agribusiness in a digitalized market environment.