Cryptocurrency market to reach $2.9bn by 2023
According to RnRMarketResearch, the cryptocurrency market is expected to maintain a compound annual growth rate (CAGR) of 32.31% through 2023, resulting in the market rising from the $541mn recorded in 2017 to $2.9bn by the end of the period.
These predictions reflect a similar expectation made by Research and Markets in its ‘Blockchain market global forecast to 2021’ report, forecasting the global cryptocurrency market to grow at a similar rate, from $210mn in 2016 to $2.3bn in 2021.
The strong growth in the market is expected to be maintained due to a multitude of factors including volatility in the stock market, fluctuating money regulations in different countries, transparency and faster transactions.
Further, the report predicts that the Asia Pacific (APAC) will be the driving region within this, largely due to the cheapness of electricity; presence of big electronics; strong knowledge of cryptocurrencies, particularly in Japan; and a wide availability of venture capital funding.
Ethereum is also expected to see its highest growth rates between 2017 and 2023, with the cryptocurrency offering benefits that Bitcoin doesn’t including, “electronic cash, smart contract technology, and proof-of-technology”.
The report from RnRMarketResearch was released shortly prior to Bitcoin, the leading cryptocurrency, hitting $6,200 this week – an all-time high, demonstrating the continual growth of the market.
Improving Skill Initiatives in Technology Businesses in 2021
According to Tech Nation’s most recent , UK technology companies now employ more than 2.93 million people, with the sector seeing a 40% growth in the last two years. The new world of work and the uptick in digitalisation caused by the pandemic with the mass uptake of digital services and online communications has meant that the technology sector has seen a huge demand for specific skills across the job market.
Whilst many businesses have done well to adapt to the digital transformation witnessed over the last few years, this rapid advancement of technology has also resulted in widespread difficulties recruiting experienced tech employees. McKinsey reported that over of organisations have reported huge digital skills gaps, which suggest that whilst most tech businesses are aware of and actively trying to tackle these issues, many are struggling to do so effectively.
To remain competitive and overcome this shortage of skilled workers, technology businesses must look at how they can upskill current employees, move employees to new areas of the business, and ensure their technology talent is as up to date as possible.
So how can tech businesses stay ahead of the skills curve this year?
Make an inventory of desired skills – and offer training for them
To introduce effective skilling programmes within technology businesses, management teams should identify and agree on skills that the business is in greatest need of – both in the immediate and longer terms.
Over the past three years, demand for tech skills such as AI, cyber and cloud automation has with AI and cyber in particular growing by 44% and 22% year on year, respectively, from 2019. For many tech businesses, these skills will continue to be desirable for the business to progress, and senior leadership teams must agree on what skills the business wants to prioritise in its workforce.
Next, management teams should then look to create an inventory of these desired skills and also identify what job roles need to be introduced to further this expertise within the business. This can be done through hiring external candidates or even introducing a programme that current employees can take to develop these particular skills.
This technique requires technology businesses to be malleable in their approach, and they can therefore look to introduce training that builds on these skills gaps or even move employees around the business to utilise their existing skills in areas that are most needed.
Incentivise the workforce
Finally, a good way to develop the skills available amongst the workforce in a technology business is to ensure employees are excited about the prospect. If new candidates and existing members of the team feel included in the approach, can see a benefit in taking additional training and feel motivated to further their own career progression, this could be the tech companies’ strongest asset.
For example, companies such as Amazon have set the bar for investing in reskilling and upskilling to keep their entire workforce motivated and, most importantly, up-to-speed. As many people join Amazon, some without any previous educational qualifications to some possessing PHDs, the business’s skilling programme is provided to give all employees the skills they need to either move up at Amazon or move on to a qualified position outside of the company. By offering this training, employees are motivated to think of their own career and future, and Amazon has the benefit of seeing the operational and financial benefits of a skilled, engaged workforce.
According to recent research completed by , software development, cloud migration and project management experience are top of the list for hiring managers in 2021, with tech-specific skills being some of the most in-demand across all sectors. The pandemic has undoubtedly accelerated this increased demand for technology skills and talent, and industry leaders are at a pivotal stage to ensure their workers’ skills sets are up-to-date and being utilised effectively within the business.
For tech businesses that wish to attract this new talent as well as keeping current employees engaged and competitive within the industry, bosses must not only incentivise their workers with skilling programmes, but they must work to identify what skills they are in most need of and then put the necessary training programmes in place.