By 2025, the size of the blockchain market is projected to reach $39 billion. Some of the world’s largest firms like Wells Fargo, Toyota, Apple, Samsung, Allianz, and Walmart are actively exploring blockchain.
The median pay for a market research analyst is $63,790 per year ($30.67/hr) in 2019.
Blockchain is one of the hottest topics in the world. Blockchain and cryptocurrencies garner media attention every day and in a myriad of subjects. Blockchain is defined as a decentralized ledger of transactions across a peer-to-peer network. Cryptocurrency is a digital currency that acts as a medium of exchange independently of a central bank that is created and stored electronically on the blockchain. Bitcoin is the best known cryptocurrency. In 2019, s price nearly doubled and Goldman Sachs named it the best-performing asset for that year. Interest in Bitcoin even spiked worldwide during COVID-19 pandemic. But blockchain technology includes more than cryptocurrencies and it is expanding into every industry in different forms.
Forecasts suggest that global blockchain technology revenues will experience massive growth in the coming years. Blockchain technology markets are expected to climb over $39 billion by 2025. While blockchain is at a relatively early stage of development it has proven potential. It might be a good choice to consider starting a career in an early-development industry. And most blockchain jobs are remote-friendly. Due to COVID-19, the number of people working remotely has skyrocketed. This shift in the workplace is likely to remain even after the economy reopens. A career in blockchain therefore fits perfectly for this transformation. Moreover, not everyone working in blockchain needs to be a developer or engineer. There are plenty of other roles that are associated with blockchain. According to Monster.com, one of the Top 10 jobs in blockchain is .
Most industries use market research conducted by analysts and such analysts are employed throughout the economy. Market analysts study market conditions in local, regional, and national arenas, gather information to examine potential sales of a product or service, and work on marketing campaigns. They help companies understand what people want, who will buy them, and at what price.
Typical duties may include the following:
Monitor and forecast marketing and sales trends
Collect data on consumers, competitors, and market conditions
Analyze data using statistical software
Devise and evaluate methods for collecting data, such as surveys, or questionnaires
Measure the effectiveness of marketing strategies
Prepare reports of findings, translating complex data into tables, graphs, and written text
Market analysts research and gather data to help a company market its products or services. Using this information they may determine potential markets, product demand, and pricing.
While employers may not use the exact term “market analyst” there are functionally equivalent positions in the job market such as market research analyst, marketing analyst, operations research analyst, business analyst, management analyst, etc. For instance, a research group based in Portland, OR is presently hiring a “Blockchain Analyst.” The job description posted on Glassdoor requires no specific expertise in blockchain, but rather general analytical work of a market analyst. Also, spotted on SimplyHire.com, Kraken, a cryptocurrency trading platform and exchange, is seeking an “Index Content Research Analyst” whose responsibilities are to “generate data led content through visualization” and “support firms commercial and market strategies by working closely with sales and marketing.” It is clear that there are many positions available in the blockchain industry that have great resemblance to a market analyst. Just keep in mind that these positions may fall under a different title.
According to the U.S Bureau of Labor Statistics, the median pay for a market research analyst is $63,790 per year ($30.67/hr) in 2019.
The Bureau of Labor Statistics projects 20.4 percent employment growth for market research analysts between 2018 and 2028. The growth rate is much faster than the average for all occupations. In that period, an estimated 139,200 should open up.
Employment growth will be driven by an increased use of data and market research across many industries. More companies and organizations are realizing the importance of market analytics to improve business growth. Behind every successful product or service present in the market today there is a substantial amount of market analysis on producers and consumers. provides businesses with an opportunity to increase sales and cut costs. It has been increasingly used to study consumer behavior and develop improved marketing strategies.
“Market analysis is one of the crucial components to help business with all the required information and making wise business decisions,” says an industry expert from Infiniti Research, a world-renowned market intelligence solutions provider. The increase in the collection and analyses of “big data” (extremely large sets of information, such as social media comments or online product reviews) can provide insight into consumer behaviors and preferences. Businesses will need market analysts to conduct research, review data, and draw conclusions.
Legacies These are large established companies like banks, accounting and consulting firms, oil & gas businesses , insurance providers, retailers, and law firms who want to keep up with the technology. These entities have tracked the technological developments of blockchain, and their global assets and reputation afford them the opportunity to hire whole teams of experts to supplement and accelerate their technological capabilities.
Startups These are independent businesses created since the invention of blockchain. AngelList records over 3,800 crypto startups as of June, 2020. These startups provide crypto platforms and exchanges such as EOS, Monero, Kraken, and Binance. Startups can also be wallet providers, news sites, blogs, and educational tools that have been created to support various blockchain projects. Startups have been some of the largest contributors to blockchain development to date and are likely to lead the industry with innovations in the future.
Tech firms These are the companies that stand the most to lose in case blockchain tech takes over the world. Such companies include Microsoft, Salesforce, Apple, Google, and Facebook. Their success relies heavily on the centralized services and networks they offer. If decentralized platforms on blockchain continue to gain popularity, tech firms would lose the market share they currently possess. Therefore, many are adapting and investing in numerous blockchain development projects to benefit their businesses. As they try to shift to a decentralized system, they need all the expertise they can gather.
Governments Many governments have been hiring crypto experts to advise them. Government agencies need blockchain technology mainly because of its various types of potential benefits as well as analysts to work on regulatory policy. Public sector blockchain can build trust, protect data, and reduce costs. For example, Dubai has set a goal to converge all its government documents on blockchain by 2020. Many other nations are investigating blockchain’s potential use in areas such as central banking and identity management. Blockchain professionals are in high demand.
Participation rates Companies that are involved with market research technology are creating platforms to issue blockchain tokens that represent consumer data as an asset. Instead of consumers providing their data for free, they are compensated with tokens proportionate to the quantity and quality of data they provide. Personal data is now owned by the consumer in the form of tokens and placed in accounts accessible only by the consumers, instead of data aggregators. The goal of such a platform is to offer consumers benefits for providing their insight and personal data, and accordingly consumers are therefore more likely to participate in market research studies.
Poor quality data Research technology companies are working on different solutions to address poor quality data. One solution is a better compensation framework that will approve payment using blockchain smart contracts’ validation process. Payment is only disbursed when the smart contract detects that all prior agreed upon conditions are met. Another approach is engaging with innovation in KYC (know your customer). IBM is experimenting to apply universal IDs for research participants. Companies that own a database of consumer information would act as “nodes” on a decentralized ledger system. Collaborating together with “nodes”, universal IDs would provide the industry with more complete demographic and consumer insight into uniquely identifiable respondents.
Q: How to Become a Market Analyst in Blockchain?
A: The skills required for a market analyst in blockchain are no different compared to those in other industries. Typically, the baseline qualification for a market analyst is a bachelor’s degree, but more technical positions or leadership positions may require a master’s degree. Many employers look for degrees in fields such as statistics, math, economics, or computer science. Backgrounds in business administration, social sciences, and communications are also welcomed. Technical skills that are needed in the daily routine of a market analyst include proficiency in statistical analysis software (e.g. R, SAS, SPSS, or STATA), SQL databases and database querying languages, query software or business intelligence and reporting software, and data mining and visualization. Other valued business skills include analytical problem-solving skills, critical thinking skills, and communication skills.
Q: Where to look for Blockchain Jobs and News?
A: AngelList, ConsenSys Labs, ConsenSys careers page, Proof of Talent Job Board, Crypto Jobs, and Cryptocurrency Jobs are some of the best places to find a job in blockchain startups. Since more companies and organizations are applying blockchain technology it is becoming more common to see jobs related to blockchain being posted on job sites such as LinkedIn, Monster, Glassdoor, Indeed, Dice, etc. Although analysts jobs in blockchain typically do not require anyone to be an expert it is always important to stay informed on blockchain news. BlockchainDriven Academy is a great solution to that. It is a blockchain learning platform to educate individuals in every field on blockchain technology. It also constantly updates news and interesting trends in blockchain space.
Blockchain is growing rapidly and expanding into every sector. By 2025, the size of the blockchain market is projected to reach $39 billion. Some of the world’s largest firms like Wells Fargo, Toyota, Apple, Samsung, Allianz, and Walmart are actively exploring blockchain. Blockchain technology has already made a significant impact on the banking and financial industry, health care industry, insurance industry, and government agencies. It will also revolutionize market research by providing higher participation rates, higher quality data, and better data privacy. Consequently, market analysts’ employment growth is expected to rise 20% between 2018 and 2028. Market analysis is one of the vital components to help businesses monitor and manage the essential information and for making wise business decisions. It’s an industry with tremendous potential and a career with exceptional growth outlook. Combining these two factors together: market analyst is a great position for anyone looking for an opportunity in blockchain.