Importance and Utilization of Technology in Agricultural Economics: Evaluating the challenges & prospect for Bangladesh

Abstract

In order to liquidate Bangladesh's agricultural industry to meet rising productivity demands, resource restrictions, and climatic issues, it is imperative that sophisticated technology be integrated into agricultural economics. In order to transform farming methods and guarantee food security, this study investigates the application of biotechnology, the Internet of Things, and artificial intelligence (AI). Crop yield optimization can be achieved through AI-driven farming and real-time monitoring, while competitive positioning and effective resource usage are encouraged by market tactics including value chain analysis and strategic management. Economic constraints, infrastructure deficiencies, and the sluggish adoption of digital technology are impeding Bangladesh's agricultural economy. This essay assesses the potential and difficulties of integrating technology into Bangladeshi agriculture, highlighting how these advancements have the opportunity to revolutionize production and sustainability. The report highlights the potential of technology to address important agricultural restrictions and foster environmental resilience by showcasing case studies in shrimp illness detection, salt-tolerant rice farming, and biogas production.