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Islamic Banking Software Market by Application and Geography - Forecast and Analysis 2021-2025

  • Published: Sep 2021
  • Pages: 120
  • SKU: IRTNTR43088
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The Islamic banking software market share is expected to increase by USD 461.83 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 13%.

This Islamic banking software market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers Islamic banking software market segmentations by application (retail, corporate, and others) and geography (MEA, APAC, Europe, North America, and South America). The Islamic banking software market report also offers information on several market vendors, including ICS Financial Systems Ltd., Infosys Ltd., International Turnkey Systems Group, Nucleus Software Exports Ltd., Oracle Corp., Path Solutions K.S.C.C., SAB, Sopra Steria Group, Tata Consultancy Services Ltd., and Temenos AG among others.

What will the Islamic Banking Software Market Size be During the Forecast Period?

Islamic Banking Software Market Size

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Islamic Banking Software Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The issue of smart cards by banks is notably driving the Islamic banking software market growth, although factors such as lack of expertise, awareness, and training may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the Islamic banking software industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Islamic Banking Software Market Driver

One of the key factors driving the Islamic banking software market growth is the issue of smart cards by banks. With the growing transaction volumes and the introduction of new digital payment solutions, the banking sector is facing the biggest challenge in keeping the magnitude of fraudulent activities low without compromising on the convenience of the customers. The tamper-free nature of smart cards is encouraging several banks to issue them instead of traditional magnetic tape-based debit and credit cards. Banks are implementing initiatives to promote the use of smart cards as this makes it easier for them to track the activities of customers. This helps in better customer management and offering customer loyalty programs. Smart cards protect against security threats that range from misuse of user passwords to sophisticated system hacks. The cost of managing password resets for banking enterprises is very high, making smart cards a cost-effective solution. The demand for smart cards in the banking sector is increasing, and this will drive the growth of the market during the forecast period.

Key Islamic Banking Software Market Trend

Adoption of cloud services is the major trend influencing the Islamic banking software market growth. Cloud-based services are adopted for different purposes such as authentication, video management systems, and storage of biometric information. As banks and hospitals store large volumes of confidential data on the cloud, it is important to secure the data from unauthorized access. The adoption of cloud-based services is increasing among SMEs because these solutions do not require infrastructure to support their implementation and are cost-effective. With the increased employee mobility, several organizations have implemented cloud-based services for business functions such as customer relationship management (CRM), payroll, and enterprise communications to ensure remote access of data. The need to protect the information stored on the cloud is increasing, which is leading to a greater demand for security solutions. Governments across the globe are implementing stringent regulations such as the Payment Card Industry Data Security Standard Act and HIPAA to enforce data security for banking and healthcare organizations.

Key Islamic Banking Software Market Challenge

Lack of expertise, awareness, and training is one of the key challenges hindering the Islamic banking software market growth. The adoption of new software or advanced technologies in the banking industry is quite complicated for many banks. Specialized training in the technology used is required, which enables the banking staff to match the needs of clients. However, in the event of inadequate training in technology, there is a high probability of mistargeting a product, which can tarnish the brand image of the bank. Nowadays, many banks have started integrating various advanced IT products and services with their legacy technologies. The integration helps to create a common interface and disparate content management systems for banks. However, many banks are facing challenges in managing the integration systems effectively because of the lack of technical expertise. In most cases, banking firms lack the technical expertise to solve the integration issues, and this may prove to be a major challenge for the integration of business infrastructure.

This Islamic banking software market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global Islamic banking software market as a part of the global application software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the Islamic banking software market during the forecast period.

Who are the Major Islamic Banking Software Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • ICS Financial Systems Ltd.
  • Infosys Ltd.
  • International Turnkey Systems Group
  • Nucleus Software Exports Ltd.
  • Oracle Corp.
  • Path Solutions K.S.C.C.
  • SAB
  • Sopra Steria Group
  • Tata Consultancy Services Ltd.
  • Temenos AG

 

This statistical study of the Islamic banking software market encompasses successful business strategies deployed by the key vendors. The Islamic banking software market is fragmented and the vendors are deploying growth strategies such as acquisition to compete in the market.

Product Insights and News

  • AutoSoft Dynamics Pvt. Ltd. - The company offers Islamic banking software solutions that are designed to support retail, corporate and microfinance banking needs along with several banking plug ins modules as per the bank need, under the brand name of AutoSofts.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The Islamic banking software market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Islamic Banking Software Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the Islamic banking software market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for Islamic Banking Software Market?

Islamic Banking Software Market Market segmentation by region

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54% of the market's growth will originate from MEA during the forecast period. Saudi Arabia and UAE are the key markets for Islamic banking software in MEA. Market growth in this region will be slower than the growth of the market in APAC regions.

The Islamic banking software market in MEA is witnessing rapid growth. One of the major reasons for this is the high concentration of the Muslim population in this region, which is increasing the demand for Islamic banking software. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

However, COVID-19 positively affected the regional Islamic banking software market in 2020. The pandemic has accelerated the digitization of regional Islamic banks and also introduced the use of AI in banking. For instance, in April 2021, the Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, announced its collaboration with IBM to accelerate its transition to become a modern, digitally-led Islamic bank, using IBM's hybrid cloud solutions based on Red Hat OpenShift. The transformation complements the bank's digital transformation strategy, which leverages big data, analytics, and AI to deliver operational and financial benefits. Thus, the adaptation of digitalization and AI in the regional Islamic banking sector would further propel the demand for Islamic banking software in MEA during the forecast period.

What are the Revenue-generating Application Segments in the Islamic Banking Software Market?

Islamic Banking Software Market Segmentation

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The Islamic banking software market share growth by the retail will be significant during the forecast period. One of the major reasons for this is the growing Muslim population, which is driving the demand for retail banking. 

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the Islamic banking software market size and actionable market insights on post COVID-19 impact on each segment.

 

Islamic Banking Software Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 13%

Market growth 2021-2025

$ 461.83 million

Market structure

Fragmented

YoY growth (%)

12.90

Regional analysis

MEA, APAC, Europe, North America, and South America

Performing market contribution

MEA at 54%

Key consumer countries

Saudi Arabia, Malaysia, UAE, and Indonesia

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

ICS Financial Systems Ltd., Infosys Ltd., International Turnkey Systems Group, Nucleus Software Exports Ltd., Oracle Corp., Path Solutions K.S.C.C., SAB, Sopra Steria Group, Tata Consultancy Services Ltd., and Temenos AG

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Islamic Banking Software Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive Islamic banking software market growth during the next five years
  • Precise estimation of the Islamic banking software market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the Islamic banking software industry across MEA, APAC, Europe, North America, and South America
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of Islamic banking software market vendors

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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 02: Market characteristics
    • Exhibit 03: Value chain analysis: Application Software
  • 2.2 Value chain analysis

    3 Market Sizing

    • 3.1 Market definition
      • Exhibit 04: Offerings of vendors included in the market definition
      • Exhibit 05: Market segments
    • 3.2 Market segment analysis
      • 3.3 Market size 2020
        • 3.4 Market outlook: Forecast for 2020 - 2025
          • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
          • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

        4 Five Forces Analysis

        • 4.1 Five forces summary
          • 4.2 Bargaining power of buyers
            • Exhibit 09: Bargaining power of buyers
            • Exhibit 10: Bargaining power of suppliers
          • 4.3 Bargaining power of suppliers
            • Exhibit 11: Threat of new entrants
          • 4.4 Threat of new entrants
            • Exhibit 12: Threat of substitutes
          • 4.5 Threat of substitutes
            • 4.6 Threat of rivalry
              • Exhibit 13: Threat of rivalry
              • Exhibit 14: Market condition - Five forces 2020
            • 4.7 Market condition

              5 Market Segmentation by Application

              • 5.1 Market segments
                • Exhibit 16: Comparison by Application
              • 5.2 Comparison by Application
                • Exhibit 17: Retail - Market size and forecast 2020-2025 ($ million)
              • 5.3 Retail - Market size and forecast 2020-2025
                • Exhibit 18: Retail - Year-over-year growth 2020-2025 (%)
                • Exhibit 19: Corporate - Market size and forecast 2020-2025 ($ million)
              • 5.4 Corporate - Market size and forecast 2020-2025
                • Exhibit 20: Corporate - Year-over-year growth 2020-2025 (%)
                • Exhibit 21: Others - Market size and forecast 2020-2025 ($ million)
              • 5.5 Others - Market size and forecast 2020-2025
                • Exhibit 22: Others - Year-over-year growth 2020-2025 (%)
                • Exhibit 23: Market opportunity by Application
              • 5.6 Market opportunity by Application

                6 Customer landscape

                7 Geographic Landscape

                • 7.1 Geographic segmentation
                  • Exhibit 26: Geographic comparison
                • 7.2 Geographic comparison
                  • Exhibit 27: MEA - Market size and forecast 2020-2025 ($ million)
                • 7.3 MEA - Market size and forecast 2020-2025
                  • Exhibit 28: MEA - Year-over-year growth 2020-2025 (%)
                  • Exhibit 29: APAC - Market size and forecast 2020-2025 ($ million)
                • 7.4 APAC - Market size and forecast 2020-2025
                  • Exhibit 30: APAC - Year-over-year growth 2020-2025 (%)
                  • Exhibit 31: Europe - Market size and forecast 2020-2025 ($ million)
                • 7.5 Europe - Market size and forecast 2020-2025
                  • Exhibit 32: Europe - Year-over-year growth 2020-2025 (%)
                  • Exhibit 33: North America - Market size and forecast 2020-2025 ($ million)
                • 7.6 North America - Market size and forecast 2020-2025
                  • Exhibit 34: North America - Year-over-year growth 2020-2025 (%)
                  • Exhibit 35: South America - Market size and forecast 2020-2025 ($ million)
                • 7.7 South America - Market size and forecast 2020-2025
                  • Exhibit 36: South America - Year-over-year growth 2020-2025 (%)
                  • Exhibit 37: Key leading countries
                • 7.8 Key leading countries
                  • 7.9 Market opportunity by geography
                    • Exhibit 38: Market opportunity by geography ($ million)

                  8 Drivers, Challenges, and Trends

                  • 8.1 Market drivers
                    • 8.2 Market challenges
                      • Exhibit 39: Impact of drivers and challenges
                    • 8.3 Market trends
                      • 8.4 Adoption of blockchain technology

                        9 Vendor Landscape

                        • 9.1 Overview
                          • Exhibit 41: Landscape disruption
                        • 9.2 Landscape disruption
                          • Exhibit 42: Industry risks

                        10 Vendor Analysis

                        • 10.1 Vendors covered
                          • 10.2 Market positioning of vendors
                            • 10.3 AutoSoft Dynamics Pvt. Ltd.
                              • Exhibit 48: ICS Financial Systems Ltd. - Overview
                              • Exhibit 49: ICS Financial Systems Ltd. - Product and service
                            • 10.4 ICS Financial Systems Ltd.
                              • Exhibit 50: ICS Financial Systems Ltd.- Key news
                              • Exhibit 51: ICS Financial Systems Ltd. - Key offerings
                              • Exhibit 52: Infosys Ltd. - Overview
                              • Exhibit 53: Infosys Ltd. - Business segments
                            • 10.5 Infosys Ltd.
                              • Exhibit 54: Infosys Ltd.- Key news
                              • Exhibit 55: Infosys Ltd. - Key offerings
                              • Exhibit 56: Infosys Ltd. - Segment focus
                              • Exhibit 57: International Turnkey Systems Group - Overview
                              • Exhibit 58: International Turnkey Systems Group - Product and service
                            • 10.6 International Turnkey Systems Group
                              • Exhibit 59: International Turnkey Systems Group - Key offerings
                              • Exhibit 60: Nucleus Software Exports Ltd. - Overview
                              • Exhibit 61: Nucleus Software Exports Ltd. - Business segments
                            • 10.7 Nucleus Software Exports Ltd.
                              • Exhibit 62: Nucleus Software Exports Ltd. - Key offerings
                              • Exhibit 63: Nucleus Software Exports Ltd. - Segment focus
                              • Exhibit 64: Oracle Corp. - Overview
                              • Exhibit 65: Oracle Corp. - Business segments
                            • 10.8 Oracle Corp.
                              • Exhibit 66: Oracle Corp.-Key news
                              • Exhibit 67: Oracle Corp. - Key offerings
                              • Exhibit 68: Oracle Corp. - Segment focus
                              • Exhibit 69: Path Solutions K.S.C.C. - Overview
                              • Exhibit 70: Path Solutions K.S.C.C. - Product and service
                            • 10.9 Path Solutions K.S.C.C.
                              • Exhibit 71: Path Solutions K.S.C.C. - Key offerings
                              • Exhibit 72: Sopra Steria Group SA - Overview
                              • Exhibit 73: Sopra Steria Group SA - Business segments
                            • 10.10 Sopra Steria Group SA
                              • Exhibit 74: Sopra Steria Group SA -Key news
                              • Exhibit 75: Sopra Steria Group SA - Key offerings
                              • Exhibit 76: Sopra Steria Group SA - Segment focus
                              • Exhibit 77: Tata Consultancy Services Ltd. - Overview
                              • Exhibit 78: Tata Consultancy Services Ltd. - Business segments
                            • 10.11 Tata Consultancy Services Ltd.
                              • Exhibit 79: Tata Consultancy Services Ltd.-Key news
                              • Exhibit 80: Tata Consultancy Services Ltd. - Key offerings
                              • Exhibit 81: Tata Consultancy Services Ltd. - Segment focus
                              • Exhibit 82: Temenos AG - Overview
                              • Exhibit 83: Temenos AG - Business segments
                            • 10.12 Temenos AG
                              • Exhibit 84: Temenos AG -Key news
                              • Exhibit 85: Temenos AG - Key offerings
                              • Exhibit 86: Temenos AG - Segment focus

                            11 Appendix

                            • 11.1 Scope of the report
                              • Exhibit 87: Currency conversion rates for US$
                            • 11.2 Currency conversion rates for US$
                              • Exhibit 88: Research Methodology
                            • 11.3 Research methodology
                              • Exhibit 89: Validation techniques employed for market sizing
                              • Exhibit 90: Information sources
                              • Exhibit 91: List of abbreviations
                            • 11.4 List of abbreviations

                              Research Framework

                              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                              TechnavioINFORMATION SOURCES

                              Primary sources

                              • Manufacturers and suppliers
                              • Channel partners
                              • Industry experts
                              • Strategic decision makers

                              Secondary sources

                              • Industry journals and periodicals
                              • Government data
                              • Financial reports of key industry players
                              • Historical data
                              • Press releases
                              Technavio

                              TechnavioDATA ANALYSIS

                              Data Synthesis

                              • Collation of data
                              • Estimation of key figures
                              • Analysis of derived insights

                              Data Validation

                              • Triangulation with data models
                              • Reference against proprietary databases
                              • Corroboration with industry experts
                              Technavio

                              TechnavioREPORT WRITING

                              Qualitative

                              • Market drivers
                              • Market challenges
                              • Market trends
                              • Five forces analysis

                              Quantitative

                              • Market size and forecast
                              • Market segmentation
                              • Geographical insights
                              • Competitive landscape
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                              Islamic Banking Software Market market growth will increase by $461.83 mn during 2021-2025.
                              The islamic banking software market market is expected to grow at a CAGR of 13% during 2021-2025.
                              Technavio has segmented the islamic banking software market market by application (retail, corporate, and others) ,geography (MEA, APAC, Europe, North America, and South America) , and geographic (MEA, APAC, Europe, North America, and South America).
                              ICS Financial Systems Ltd., Infosys Ltd., International Turnkey Systems Group, Nucleus Software Exports Ltd., Oracle Corp., Path Solutions K.S.C.C., SAB, Sopra Steria Group, Tata Consultancy Services Ltd., Temenos AG are a few of the key vendors in the islamic banking software market market.
                              MEA will register the highest growth rate of 54% among the other regions. Therefore, the islamic banking software market market in MEA is expected to garner significant business opportunities for the vendors during the forecast period.
                              The key factors driving the islamic banking software market market growth are:
                              • Issue of smart cards by banks
                              • Adoption of blockchain technology
                              The islamic banking software market market vendors should focus on grabbing business opportunities from the retail segment as it accounted for the largest market share in the base year.
                              • What are the key global market and the regional market share?
                              • What are the revenue-generating key market segments?
                              • What are the key factors driving and challenging this market’s growth?
                              • Who are the key market vendors and their growth strategies?
                              • What are the latest trends influencing the growth of this market?
                              • What are the variables influencing the market growth in the primary regions?
                              • What are the factors influencing the growth of the parent market?
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                              • Data on revenue-generating market segments
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                              • Five-force market analysis

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