NEW DELHI: Digital employment is creating a boom in the IT industry and blockchain is one of the fastest-growing skill sets with jobs in this domain growing at a whopping rate of 2,000-6,000%. This has resulted in salaries of blockchain developers being 50-100% higher than conventional developers.
"Out of every five blockchain developers, there is one eligible blockchain developer out there who fits the bill of companies.
After the cryptocurrency bull market of 2017, there has been a meteoric rise in demand for blockchain developers and blockchain engineers.While the employment opportunities in Blockchain are many, there’s a limited talent pool in this domain," says Harsh Bharwani, CEO & Managing Director of Jetking, a computer networking Institute in India.
According to the “Digital India” report, there would be an estimated growth of over 540 million in India’s labor force by 2025 across sectiors like government services, newly digitizing sectors, core IT sectors, etc. But digital skills are most in demand.
Data from Quess, a leading business solutions provider, reveals that the demand for talent with digital skills such as Testing, Platform Technologies, Java Technologies, Cloud Infra Technologies, and Data Analytics, among others, has seen a surge since in recent months. In Sept-Nov 2021, the role of Testing has seen an 18% increase in the total number of open positions, compared to Jun-Aug, bringing it to the top of the list for digital skills in demand. Platform Technologies came in second. Similarly, Java Technologies continue to be in the top five list and exponential growth in demand for roles in Cloud Infra (↑131%) and Data Analytics (↑454%) has been witnessed.
But what kind of salaries can one expect in professions like Blockchain and clouud computing?
"An expert in the Blockchain industry can expect an average salary between Rs 500,000 to Rs 20,00,000 lakh per annum depending upon several parameters like skills, experience, industry type, the salary may go high as per the Glassdoor survey. A Cloud Computing professional can earn up to Rs 7-8 lakh per annum as an average annual salary as per Indeed’s study as of Jan’2020. This range is expected to grow as the cloud computing industry booms further," explained Bharwani.
Just last week, Indian Institute of Technology (IIT) Delhi received the highest ever job offers of over 1,250 for the class of 2022 in the first 15 days of final placement. “We welcomed recruiters hiring in new-age domains like artificial intelligence, big data and cloud solutions, design development for high volume manufacturing, machine learning, robotics etc. across core sectors in addition to the traditional profiles,” said Anishya Obhrai Madan, Head, Office of Career Services, IIT Delhi.
The majority of Indian companies are opting for upskilling with or without certification (70-75 per cent), create a talent pipeline from graduate population (10-15 per cent), embrace contractual hiring (5-10 per cent) and cross train from other industries or domains (5 per cent), according to the TeamLease Digital Employment Outlook Report. The report added that the IT BPM industry is expected to add 3.75 lakh new jobs to reach a head count of 48.5 lakh in 2021-22, of which digital skills will be the key focus.
Here are some of the highest paying blockchain job roles according to Jetking:
Blockchain Developer: One of the most common career roles in blockchain technology is software developer, and the average salary for a trained professional with some years of experience is around Rs 82 lakh per annum. However, the starting salary for such a role is between Rs 8-10 lakh.
Many businesses hire Blockchain developers to provide the finest solutions and establish new technologies by utilizing their superior expertise. You have the option of becoming a core blockchain developer or a software blockchain developer. In-depth understanding of blockchain architecture, cryptography, data structure, web development, and expertise in programming languages such as Java, C++, Solidity, Python, and others are necessary for the Blockchain developer. Any additional talents are a plus, says Bharwani.
Blockchain Architect: They oversee, plann, and integrating the many components of the blockchain system. Average Salary as per Glassdoor – Rs 80 lakh a year
Blockchain Security Engineer: Another high-paying blockchain profession is blockchain security engineer, which has grown in prominence in the IT business. Average Salary as per Glassdoor – Rs 81 lakh for someone with over 3 years experience.
Blockchain Product Manager: A blockchain project manager is in charge of overseeing the project and maintaining contact between the company and blockchain experts. Average Salary as per Indeed – Rs 7,203,152 per year.
Blockchain UX Designer: UX designers are required to create a distinctive and user-friendly interface. Every firm that works with blockchain technology prefers a UX designer to create designs for interacting with people.
Average Salary as per cryptocurrencyjobs.com – Rs 7,993,753 per year.
Blockchain Quality Engineer: The Blockchain Quality Engineers are in charge of testing all of the apps that will be performed. Average Salary as per Glassdoor – Rs. 5,917,311 per year.
Cloud Computing: Right from photo gallery backup to email storage to desktops, software analytics, big data architectures, and more, the cloud is practically everywhere today. As companies change their pathways from traditional approach to cloud approach, the cloud job market size is expected to expand to $927.51 billion by 2027, said Jetking.
Some of the most popular Cloud Computing jobs in India are:
Cloud Engineer
Cloud Network Engineer
Full-stack Cloud Developer
Cloud Service Developer
Cloud System Administrator
Cloud Data Engineer
Information Technology Architect
The average salary of above specializations will range from Rs 5,00,000-Rs 1,500,000.
Skills required to become a cloud computing professional: Database skills, Development Operations, Quality testing, understanding of cloud service platforms, ability to understand cloud’s network integrated environment.
Data anlysed by Quess, reveals the average salary as following for some of the most sought-after digital skills:
The cloud market in India isexpected to grow 26% by the end of 2022. The top skills in demand for cloud professionals include Cloud computing, AWS/Azure, Cloud Migration, SAP, Cloud Security, Machine Learning/AI, according to job listing portal Monster. Further, the demand for cloud-related roles has grown exponentially since last year (40%), with over 608,000 cloud professionals across all verticals in India.
Data by Monster.com data reveals that the largest share in cloud jobs is being held by intermediate-level professionals with 4-6 years of experience who comprised 44% of the cloud workforce as on November 2021. Entry-level talent with 0-3 years of experience followed close behind at 29%, indicating an optimistic outlook for freshers in the industry.
For November 2021, salary trends monitored by Monster.com showed that the IT-Hardware, Software industry fared well for all experience levels.
For entry-level (0-3 years) professionals, Advertising, PR, MR, Event Management roles are highly paid, followed by IT- Hardware, Software and BPO/ITES, while Intermediate level (4-6 years) professionals gained higher in IT- Hardware, Software, BFSI, and BPO/ITES industries.
