The United States Loses Market Share in Blockchain Developer Market

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

Introduction

The blockchain technology promised to revolutionize industries through decentralization, transparency, and security of transactions. Along with the growing demand for blockchain services, it also led to an increase in the need for skilled developers who can build decentralized systems. However, recent reports indicate that the United States is losing its market share in the blockchain developer market, which is a significant concern for the country’s economy and technology industry. In this article, we will explore the details of such reports and what it means for the future of blockchain development in the US.

Current Situation in The Blockchain Developer Market

According to a Venture Capital company, Electric Capital, in the past five years, the United States lost 2% of its market share in the blockchain developer market each year. It has now dropped to 29%, equal to Europe’s market share. On the other hand, Asian countries together account for 13% currently.
The report indicates that the United States is losing its market share to emerging markets such as India and Ukraine. With the availability of skilled developers and cost-efficient services, these countries offer a more economical development solution. This trend is a potential threat to US dominance in the technology and the global financial markets. Moreover, data suggests that over 23,343 open-source software engineers are responsible for markets worth over $1 trillion.

Impact of Decline in Market Share

The blockchain market is expected to grow exponentially in the coming years, with a potential of creating 1 million new open source developer jobs related to blockchain by 2030. Losing market share in this critical future technology sector would impact the US’s financial and technology sectors. Countries that have a strong foothold in blockchain development will lead the next technology revolution, shaping the future world economy.

Resolutions for US to Maintain Leading Position

To overcome the current situation, the US will need to take rapid action to maintain its leading position in the blockchain and related technology. Improving education in technology and computer studies is one approach to increasing skilled workers in this field. Encouraging or incentivizing innovation in blockchain technology for American startups can also raise the number of skilled developers in the blockchain market. Finally, supporting research and development and innovative projects can help America regain lost ground and become a significant player in blockchain development.

Conclusion

The decline in the US’s blockchain developer market share is a concerning trend, threatening its position in the global financial and technology sectors. However, by investing in education, research, and incentivizing American innovation, the United States can overcome the challenge and regain its leading position in the blockchain developer market.

FAQs

**Q. Can you elaborate on the growth potential of the blockchain developer market?**
A. According to reports, the blockchain market is expected to grow exponentially over the next decade, with the potential of creating one million new open source developer jobs related to blockchain by 2030.
**Q. Which countries are emerging in the blockchain market and threatening the US’s position?**
A. The report shows that India and Ukraine are emerging markets, with a presence of skilled developers and cost-efficient development services, which are currently challenging the US’s position in the blockchain market.
**Q. What can the US do to maintain its leading position in the blockchain and related technology?**
A. To maintain its leading position, the United States will need to take rapid action to expand the skillset of its developers, support research and development, and incentivize innovation in blockchain technology for American startups.