Key highlights:
- The number of blockchain developers is growing rapidly around the world, and Europe and Asia are increasing their strength in this area compared to the US.
- India in Asia and Ukraine in Europe are two countries that have steadily increased their shares.
- Although both the US and Europe have a 29% share of blockchain developers in the world, Asia’s share is 13%.
According to Electric Capital’s research, blockchain developers in the world are more homogeneously distributed every year. European countries and India are rapidly increasing their shares in this market.
It is thought that there are close to 24,000 open-source software engineers in total in this industry, which currently has a market capitalization of approximately $1.2 trillion. As this number is relatively low, we can expect to see cumulative growth in the future.
According to the research, which has been repeated every year since 2017, the share of blockchain developers in the US is decreasing every year. The rate, which was 40% in 2017, declined to 38%, 34%, 33%, 31%, and 29% in five years, respectively. Even though the crypto and blockchain markets are on the agenda in the US, the news is not always positive. This may be the reason why the US is slowly losing its industrial dominance.
Europe and Asia in the Game
The report shows that the number of blockchain developers is growing rapidly around the world. Europe and Asia are increasing their strength in this area compared to the Americas. India in Asia and Ukraine in Europe are two countries that have steadily increased their shares.
In the distribution of blockchain developers in the world, both the USA and Europe have a 29% share. Asia’s share is 13%. India had a share of only 2% in 2017, increasing this rate to 6% in 2022. Ukraine increased from 3% to 5% during this period.
Most blockchain developers in Europe are located in the UK and Germany. Although both countries have experienced a decline in industry dominance over the past years, 36% of European developers are located in these two countries, half-shared.
Although blockchain technology is not just about cryptocurrencies, both the US sanctions on many platforms and the monetary policies of the FED both suppressed the value of the crypto market. They slowed the growth trajectory of developers in the USA.
