How to become a Blockchain Developer? And Why?
Blockchain technology is set to surpass $3 trillion in value within the next decade. The global blockchain market is projected to skyrocket from USD 1.2 billion in 2018 to USD 23.3 billion by 2023, boasting an impressive Compound Annual Growth Rate (CAGR) of 80.2% during 2018–2023.
Are Blockchain Developers in Demand?
As blockchain technology continues to gain momentum, the career prospects for aspiring candidates are expanding rapidly. Currently, blockchain is one of the most in-demand skill sets on job sites, with growth rates ranging from 2,000% to 6,000%. Salaries for blockchain developers are 50-100% higher than those for traditional developer roles.
Globally, the demand for blockchain engineers has surged by 517%. In India, service providers are conducting 4-6 week in-house training programs to develop blockchain expertise. Despite this, there is a significant shortage of skilled professionals, with only 45,000 to 60,000 industry-ready blockchain experts worldwide.
According to Glassdoor, there has been a 300% increase in job openings for professionals with blockchain skills on its site. Bloomberg reported that blockchain-related job postings on LinkedIn quadrupled in 2023.
Job Market Trends
In 2018, Burning Glass Technologies reported 12,006 job openings requiring blockchain skills over a 12-month period. Janco Associates’ 2019 IT Salary Survey indicated that the median salary for a blockchain developer was $127,000, while experienced blockchain engineers were earning $172,000. Indeed, a leading global job site, noted that Bangalore accounted for 36% of blockchain job postings in India, followed by Mumbai, Hyderabad, Pune, and Chennai.
Attractive Remuneration
Blockchain developers with the right skills and knowledge can expect attractive salaries, far surpassing those of traditional engineering roles. With three years of experience in blockchain, professionals can earn around 45 lakh or more annually. According to Glassdoor, the average salary for a blockchain developer in India is ₹7,01,941 per annum. Globally, blockchain engineers earn between $150,000 and $175,000 annually, as reported by HIRED.
Conclusion
In conclusion, blockchain development is a highly rewarding career path. Beyond attractive salaries, the industry promises substantial growth and numerous opportunities for professionals in the coming years. With blockchain technology set for colossal gains, there will be no shortage of prospects for those entering this dynamic field.