According to reports by a global job portal, Indeed, placements in blockchain, cryptocurrency, and NFT sectors increased by 804% between April 2020 and April 2022. This year alone, the growth has been 315%, it added.
Clearly, the Covid pandemic gave rise to advancements in digital technologies and increased job opportunities in this highly specialized field. Since 2019, the options have grown 15 times, indicating that the pandemic gave an unprecedented boost to the sector. As people were forced to stay at home because of Covid-related restrictions, the adoption of digital technologies increased manifold, upping the demand for tech professionals.
The data showed that hires in crypto roles appear to be the highest as they increased from 41.22% in 2019 to 67.48% in 2021-22. Application developers are the most sought after, followed by data engineers and then full-stack developers.
The adoption of blockchain and Web 3.0 technologies will boost the digital assets economy from $2 billion in 2021 to $262 billion over the next 11 years, contributing $1.1 trillion to the Indian GDP, states another report. This growth will obviously mean immense employment opportunities for thousands of professionals with the blockchain technology expected to revolutionize governance, cybersecurity, hospitality, healthcare, media, travel, logistics, education, legal, energy, and other sectors.
Experts Pointing Region-specific Growth but Lack of Talent
Sashi Kumar, Head of Sales for Indeed India, said those job opportunities are the highest in tech hubs like Bengaluru and Hyderabad, while the National Capital Region also sees a considerable increase in hires. There will be increased use of these technologies for B2B. B2C, B2G, and G2G transactions.
Blockchain is the new exciting field that offers immense opportunities, but it is still nascent, says Kumar. It has security and scaling issues, but healthcare, gaming, and finance verticals increasingly depend on decentralized finance, indicating that the demand for qualified professionals will keep growing for some time.
As indicated by LinkedIn, the number of searches for jobs related to blockchain and cryptocurrencies in the United States showed a 395% increase between 2020 and 2021 as compared to 95% for other tech-related opportunities.
CryptoDCX, one of India’s popular coin exchanges, is expected to take its employee count to a thousand by the end of 2022, a four-time increase over the past year. But industry experts also mentioned that finding quality professionals in the sector has been tough. They said there is definitely a dearth of talent in Web 3.0 technologies.
While some say that blockchain technology will disrupt traditional industries, it is expected to strengthen legacy systems and increase the trust factor, fuelling further growth. Newer technologies will bring more transparency to operations and provide solutions to some of the long-standing issues.
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