Even as the crypto market continues to tumble globally, job postings for cryptocurrency, blockchain and NFTs have grown 804% in India between April 2020 to April 2022, reveals research released today by global jobs portal Indeed.
The data also reveals an acceleration in the market's demand. In 2022, the increase was 315%.
Job postings in April 2022 were 15 times more than in 2019, highlighting the role of the pandemic in this sustained growth.
The COVID-19 pandemic has fast tracked the adoption of technology across functions in India, hence technology professionals are more in demand than ever before, especially with expertise in newer areas like cryptocurrency, NFTs and blockchain.
The top job role across this field is application developer. This is followed by data engineer and full stack developer. Indeed data also shows that crypto roles appear to be one of the biggest share of hires in overall technology job roles, increasing from 41.22% in 2019 - 2020 to 67.48% in 2021 -2022.
“Being a technology first economy, Indian firms are rapidly investing in technologies that will put the country at the forefront of this new digital era. Technology hubs like Bengaluru and Hyderabad continue to lead with hiring in the sector while the national capital region is also seeing a fair share of interest in the sector,” said Sashi Kumar, Head of Sales for Indeed India.
Even though the job postings of crypto, blockchain and NFTs have increased, they still have scaling issues and security concerns. Nevertheless, sectors such as finance, healthcare, and gaming are increasingly implementing decentralised finance, signalling the growing demand for jobs.
“While blockchain development promises to be an exciting new field of work and offers tremendous scope for application, the sector is still very nascent,'' said Kumar.
A global report by Gartner forecasts that the business value generated by blockchain will grow rapidly, reaching $176 billion by 2025, potentially creating more job prospects.