Job postings for crypto-related positions decreased by 64.20 per cent, and searches for such jobs dropped by 15.20 per cent between August 2022 and 2023, according to a report by job platform Indeed.
This decline reflects the evolving dynamics within the industry this year, indicating a period of adjustment and potential market consolidation.
Bengaluru takes the lead, contributing 36.40 per cent of the crypto job market. It is followed by Pune, Mumbai, Gurgaon, Hyderabad, and Kochi, which make up 7.32 per cent, 6.68 per cent, 6.54 per cent, 6.21 per cent, and 4.66 per cent, respectively.
The wide distribution of crypto job opportunities across these regions reflects a decentralised approach, offering employment options across the country, said the report.
Sashi Kumar, Head of Sales, Indeed India said, “This decline comes after a period of high growth in crypto in the past three years. Data from 2022 indicated an 804 per cent increase between April 2020 to April 2022. The dip observed in the past year can be largely attributed to volatile market conditions and heightened regulatory and safety concerns.”
When it comes to job roles, Indeed’s data pinpoints the most in-demand positions in the cryptocurrency industry. Topping the list are Application Developers, accounting for 10.86 per cent of the job listings. Following closely behind is Enterprise Architects at 5.97 per cent. The list continues with Full Stack Developers, Developers, and Data Engineers at 5.38 per cent, 3.78 per cent, and 2.92 per cent, respectively.
The rising prominence of cryptocurrency and its inclusion as a key agenda item at this year’s G20 Summit have shed light on the growing opportunities in the crypto job market. The data showcases the dynamic nature of the crypto space and its correlation with India’s role in the global economic arena, particularly in the midst of critical discussions on cryptocurrency regulation, the report noted.