The global market for blockchain-related services and products are expected to reach around $8 billion by the year 2022. With a population of over 1.3 billion, India has shown a lot of potential in recent years as demand for blockchain developers increased by 700%. Research conducted by Applancer found that the public sector in the country is hiring the highest numbers of engineers with blockchain skills than the other private firms.
The number of blockchains and cryptocurrency-related jobs has been on the rise, especially after 2017. Demand for blockchain developer, blockchain manager, blockchain software engineer, blockchain system architect on job websites increased to record highs.
Newly developed blockchain firms are providing blockchain application development services to various businesses in India successfully. Young engineers are also attracted towards blockchain technology as the average salary for blockchain engineer is three times more than a regular software engineer. However, only 5,000 of 2 million software developers in India have sufficient blockchain knowledge and skills.
In our research, we found that the demand for blockchain engineers is more in the Southern states of the country than the Northern States. Public sector banks are hiring the highest number of blockchain developers. In 2017 there were 2,300 specialists, and that number rose by 75% the next year, and it will continue to rise. Blockchain projects in the country are increasing at an unprecedented rate, and yet it is in the infant stage.
Data collected by Applancer shows that there are currently 3,000 blockchain engineers in the non-banking finance companies and 3,500 in the public sector. The demand is increasing so much that companies are fearing non-availability of blockchain tech talent. The demand for blockchain practitioners has risen by more than 700% since 2017.
Blockchain projects in India are increasing rapidly. The government has taken a firm stance against the use of cryptocurrencies but have agreed to explore the blockchain technology. The increased demand for blockchain developers shows that companies are keen on adopting this technology. If this trend continues, India might join other countries like the USA, Russia, Japan, and Australia, to explore the blockchain technology. Although India stands against the use of cryptocurrencies, the country is on the way of becoming a blockchain hub.