The new era of technology has arrived, and it is now that Blockchain has become a game-changer. Rising to the concept of a decentralized ledger with improved security, privacy, and transparency across the business network, the global wave of Blockchain adoption and implementation has left a positive and influential impact.
Growing Demand for Blockchain Developers
As an emerging technology of the new age tech era, Blockchain is here to stay. As per the research conducted by LinkedIn, it tops the list of most in-demand hard skills and most emerging jobs for 2020. There is a steady increase in global demand, with jobs growing at an exponential rate of 2,000-6,000% and the salaries being 50-100% higher than traditional software developer roles.
Whichever industry vertical you choose to embrace, including BFSI, healthcare, education, stock trading, supply chain management, real estate, cloud computing, or even government agencies, the demand for Blockchain professionals is at an all-time high, especially in the United States, United Kingdom, and India.
Adding more dimensions to the astounding growth, Gartner predicts the business value of the technology to exceed $3 trillion by 2030. Considering the worldwide expenditure, it is expected to go from $1.5 billion in 2018 to $15.9 billion by 2023. That’s inspirational! And this adds to the many reasons the tech is penetrating the business world with endless opportunities, umpteen number of jobs, and competitive salaries.
Career Prospects of Blockchain Developers
Big brands and multinationals like Deloitte, IBM, Cisco, Accenture, Microsoft, Oracle, Salesforce, and Collins Aerospace have completely adopted the Blockchain-based system to optimize and streamline their processes. Of course, when the processes are in place, the need for professionals with Blockchain skills become apparent.
Considering the job openings, there are job sites that reflect a validation of the booming technology with active Blockchain job openings in India as follows:
- 1. LinkedIn: 12,159 Blockchain Jobs
- 2. Naukri: 4882 Blockchain Jobs
- 3. Monster India: 552 Blockchain Jobs
- 4. Indeed: 2027 Blockchain Jobs
Going a step further, it is important to mention that the salary of a Blockchain developer is way higher than the average salary of a skilled IT professional. The salary ranges across a broad spectrum between INR.5,00,000-30,00,000 LPA depending on the level of experience and the profoundness of your skillset. However, with five years experience, your salary can even reach the bar of INR 50,00,000.
Taking a shift to the global scenario, the average salaries are as follow:
- 1. The average annual income in the United States is $136,000 per year
- 2. The average yearly salary in Asia is $87,500 per year
- 3. In Europe, you can earn around $73,300 per year
- 4. As a remote blockchain developer, you can make about $123,750
If you are looking to analyze which role fits your salary expectations, then here is a breakdown according to the skillsets.
- 1. Software engineer: $90,000-$145,000
- 2. Tech Architect: $100,000-$160,000
- 3. Product Manager: $85,000-$130,000
- 4. Legal Counsel: $100,000-$190,000
- 5. Crypto Community Manager: $35,000-$95,000
- 6. Business Analyst: $80,000-$105,000
- 7. UX/UI Blockchain Designer: $80,000-$140,000
The salary figures reinstate the fact, “Salary offered to a blockchain expert with 5 years of experience is almost at the same bar as of a general manager in a bank with an experience of 3 decades”, as stated by Lohit Bhatia, the Chief Executive of IKYA Human Capital Solutions.
Considering the job opportunities in India, there is a significant demand and supply gap. Out of the 2 million Software Developer jobs in India, only a counted number of 5,000 professionals possess Blockchain developer skills. The banking sector is currently generating the highest demand and struggling to fill the empty seats. Following the same, many private sector companies in India need Blockchain developers, but the country experiences a shortage of skilled professionals. Hence, it is time to grab the opportunity and make yourself a perfect fit to fill the demand and supply gap. Ans also take your career to the next height.