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Blockchain developer market: US lost 2% market share in the past 5 years

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According to reports, a research report released by venture capital company Electric Capital shows that in the past five years, the United States has lost 2% of its market share in

Blockchain developer market: US lost 2% market share in the past 5 years

According to reports, a research report released by venture capital company Electric Capital shows that in the past five years, the United States has lost 2% of its market share in the blockchain developer market each year, dropping to 29% of the market share. Europe currently also has a 29% market share, with Asia accounting for 13%. According to data, currently, more than 23343 open source software engineers are responsible for markets worth more than $1 trillion. The United States has lost market share to emerging markets such as India and Ukraine. The report estimates that by 2030, 1 million new open source developer jobs related to blockchain can be created, and the United States must take rapid action to maintain its leading position in the financial market and related technology fields.

Report: Over the past five years, the United States has lost 2% of its share in the blockchain developer market every year

As the world’s reliance on blockchain technology increases, it’s becoming more apparent that the United States is losing its market share in this critical industry. According to a research report released by the venture capital company Electric Capital, the United States’ market share for blockchain developers has decreased by 2% each year over the last five years. The country that many consider to be the leader in technological advancements and developments is now at a 29% market share alongside Europe. This statistic is concerning for the US because there are open-source software engineers managing markets worth over $1 trillion globally.

Emergence of New Players

Asia has been able to claim 13% of this market share by leveraging technological advancements and the low cost of labor. Emerging markets such as India and Ukraine have also contributed to the increase in the market share of Asia while the United States keeps losing ground. The report cites that if the US does not take rapid action soon, the loss of their leading position in the financial market and related technology fields could continue.

Blockchain technology represents the future

Blockchain technology has shown potential in various industries due to its ability to provide a secure, transparent and tamper-proof platform. Its importance continues to grow, and it’s expected this growth will lead to an increase in the number of blockchain developer jobs. The report estimates that by 2030, one million new open-source developer jobs related to blockchain technology could be created.

Action Plan for the US to Reclaim its Lost Ground

To reclaim their lost market share, the United States must take swift action. The first step is to provide blockchain technology-related education and training opportunities to open-source software engineers. This will help generate a pool of blockchain-savvy developers in the US.
Secondly, the government needs to create suitable legislation and regulations for blockchain technology. This will help build trust and encourage innovation in the industry.
Finally, the government should invest in blockchain-related projects to help promote the development of the industry in the United States. Emphasis should be put on creating policies that attract global organizations to choose the US as their preferred location for blockchain projects.
By taking these steps, the United States can improve its market share in the blockchain developer market and maintain its leading position in the financial market and related technology fields.

Conclusion

The importance of blockchain technology in various industries cannot be overemphasized. The United States, which has been the leading developer of this technology, is experiencing a decline in its market share. To prevent the loss of their leading position in the financial market and related technology fields, the US government needs to prioritize promoting blockchain technology development in the country.

FAQs

1. What is the blockchain developer market?

Blockchain technology is gaining prominence globally and is leading to the development of open-source software projects worth more than $1 trillion. This has, in turn, led to an increase in demand for blockchain developers to provide solutions to various issues.

2. Who is losing market share in the blockchain industry, and who is gaining?

Over the past five years, the United States has been losing its market share in the blockchain industry, with an annual loss of 2%. Europe has also accounted for a 29% market share, while Asia has developed its market share to 13%. Emerging markets, such as India and Ukraine, have contributed significantly to Asia’s increase in market share.

3. How many jobs related to blockchain technology could be created by 2030?

According to the Electric Capital report, it is estimated that one million new open-source developer jobs related to blockchain technology could be created by 2030. This is an indication of the critical role blockchain technology will play in the global economy in the coming years.

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