Although tech has historically seemed like a safe bet for job seekers, the once-bustling sector is being slammed with hiring freezes, layoffs, and rescinded job offers.

Companies turning to staffing changes and layoffs were mostly those who benefited from increased demand during the pandemic. These firms that went on hiring sprees to keep up with demand, but are now faced with the reality that inflation is changing consumer’s spending habits.

While the industry’s biggest names like Meta and Twitter have participated in this trend, some analysts believe that the future of the industry lies elsewhere.

Data from Indeed.com shows that job postings for software developers grew 120% from pre-pandemic baselines. Similarly, ZipRecruiter said there were around 1.6 tech jobs for every unemployed person within the industry.

This indicates some promise about the future of hiring opportunities for tech employees, especially as remote work becomes a mainstay for these companies. In fact, ZipRecruiter showed that 36% of tech job postings offered a remote arrangement.

“There are way more jobs than people who are chasing these jobs,” said Sinem Buber, lead economist at ZipRecruiter. “Companies are doing whatever they can. They are meeting the demand of the job seekers in order to fill these vacancies.”