Crypto Job Market In India Witnesses Significant Decline, Reflecting Industry Challenges
The cryptocurrency job market has seen a massive decline from the high-growth trajectory it had been on for the past three years, according to a recent report from a job portal.
The Indeed report revealed that job postings for crypto-related positions saw a substantial decrease of 64.2 per cent, while searches for such positions dropped by 15.2 per cent between August 2022 and 2023.
This decline appears to be a reflection of the evolving dynamics within the cryptocurrency industry in India throughout the past year, indicating a period of adjustment and potential market consolidation. Sashi Kumar, Head of Sales at Indeed India, attributed this shift to volatile market conditions and heightened regulatory and safety concerns.
Data from 2022 had shown a remarkable 804 per cent increase in crypto job postings between April 2020 and April 2022, underscoring the rapid growth the sector had experienced. However, the dip witnessed in the past year is a clear indication of the challenges and uncertainties faced by the industry.
Bengaluru emerged as the leader in the Indian crypto job market, contributing significantly with 36.40 per cent of all crypto-related job opportunities. Following Bengaluru were cities like Pune, Mumbai, Gurgaon, Hyderabad and Kochi, making up 7.32 per cent, 6.68 per cent, 6.54 per cent, 6.21 per cent and 4.66 per cent of the market share, respectively. This distribution of crypto job opportunities across various regions reflects a decentralized approach, ensuring employment options are available throughout the country.
Regarding the most sought-after positions within the cryptocurrency sector, the report identified Application Developers as the top choice, accounting for 10.86 per cent of job listings. Close behind were Enterprise Architects at 5.97 per cent, followed by Full Stack Developers, Developers, and Data Engineers at 5.38 per cent, 3.78 per cent, and 2.92 per cent, respectively.
