India’s tech hubs are experiencing a surge in demand for Web3 talent, despite the challenges faced by the crypto job market. McKinsey’s Technology Trends Report 2023 suggests that advancements such as Generative AI have created a renewed sense of positivity regarding the impact of technology on society. The report advises companies to adopt a portfolio-oriented approach when investing in tech trends important to their business.
Certain emerging areas have seen increased job postings in the highest-tech segment, including applied AI, next-generation software development, trust architecture and digital identity, future mobility, electrification and renewable energy, and industrializing machine learning. However, the Web3 sector has also experienced rapid growth on a global scale.
Web3 encompasses platforms and applications that enable a decentralized internet with open protocols and protection of digital ownership rights. The report highlights a talent deficit in trust architecture, mobility, and generative AI.
Earlier this year, Analytics Insight identified various job opportunities within the Web3 trend, ranging from blockchain developers/designers to NFT consultants and cryptocurrency professionals.
In the short term, recent data from job search platform Indeed reveals a 15.2% decline in crypto-related jobs in India between August 2022 and August 2023. This drop reflects changing dynamics in the industry as the market consolidates. The decline can largely be attributed to volatile market conditions and increased regulatory and safety concerns.
Despite this decline, there are still areas of interest within the Web3 sector. Bangalore accounts for approximately 36% of the job market demand, followed by Pune, Mumbai, Gurgaon, and Hyderabad. The increased reach across these cities has the potential to create more employment opportunities over time.
According to Indeed’s analysis, the top job role in the Web3 sector is application developers, accounting for over 10% of job listings. Enterprise architects occupy the second position, followed by full stack developers, developers, and data engineers.
In correlation with the decline in crypto jobs, Coincub’s Blockchain Jobs Report 2023 indicates a reduction in blockchain job opportunities worldwide. Based on LinkedIn data from India, the report identifies approximately 3,687 jobs in this field. However, there is greater demand for blockchain jobs in countries such as Germany, the United States, France, the Netherlands, and Spain.
As the interest in generative AI and related skills and jobs becomes clearer, it may take some time for specific skills and job roles within Web3 to stabilize in the current market conditions. Overall, the job market in India’s tech hubs is seeing significant demand for Web3 talent, offering potential employment opportunities in various emerging areas.
Sources:
– McKinsey Technology Trends Report 2023
– Analytics Insight
– Indeed
– Coincub’s Blockchain Jobs Report 2023
