Demand from IT services businesses servicing worldwide customers, consulting firms, and fintech startups have fueled a wage war for expertise in cryptocurrency technology such as blockchain.
According to a recent survey by specialized employment services business Xpheno, demand for crypto-tech expertise has skyrocketed in India over the previous 8- 10 months, with more than 12,000 active job postings this month, up 50% from a year ago.
Because cryptography is just a few years old, there aren’t many professionals in this field. Because of the scarcity of crypto talent, wages for individuals with 8-10 years of expertise might reach Rs 80 lakh per year.
“Despite the fact that the crypto. domain has been there for 12 years, its mainstream exposure and talent-related focus has only been around for a decade,” Xpheno co-founder Kamal Karanth remarked.
According to a survey by the IT industry group Nasscom and cryptocurrency exchange WazirX, India’s crypto-tech business employs 50,000 people. “We estimate 30 percent more employment to be generated in the coming months based on the way the domain is expanding in India,” Nasscom senior vice president Sangeeta Gupta told.
In high-demand skill areas, this translates to a 30-60% shortfall in talent supply. According to the Xpheno study, the skills gap has increased to as much as 50-70 percent for specific specialist talents in crypto, cybersecurity, data science, AR/VR, and AI/ML.
While new talent is being educated to enhance supply, “the rivalry for present talent, and the resulting wage war,” according to Karanth, “will continue for the next two years.”
The current active job count in the crypto domain is 12,000, which includes positions that have been advertised, updated, or are taking applications in the previous 30 days. According to the Xpheno study, the total number of vacancies, which includes positions that remain active beyond the 30-day cut-off, is over two-and-a-half times the active number.