Money & Banking
Pandemic fast-tracks adoption of technology across functions in India
Job postings for cryptocurrency, blockchain and Non-fungible tokens (NFT) grew 804 per cent between April 2020 and April 2022, according to a report by Indeed, the global jobs portal.
Job postings in April 2022 were 15 times more than in 2019, highlighting the role of the pandemic in this sustained growth. The 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 such as cryptocurrency, NFTs and blockchain, the report stated.
The data also reveal an acceleration in the market’s demand. In 2022, the increase was 315 per cent. The top job role across this field is application developer, 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 per cent in 2019-2020 to 67.48 per cent in 2021 -2022.
Sashi Kumar, Head of Sales, Indeed India, said: “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 such as 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, he added.
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, the report said.
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.