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 has the potential to grow by USD 3.88 billion during 2021-2025, and the market’s growth momentum will decelerate at a CAGR of 19.33%.

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 market segmentation 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 AutoSoft Dynamics Pvt. Ltd., ICS Financial Systems Ltd., Infosys Ltd., International Turnkey Systems Group, Nucleus Software Exports Ltd., Oracle Corp., Path Solutions K.S.C.C., Sopra Steria Group SA, Tata Consultancy Services Ltd., and Temenos AG among others.

What will the Islamic Banking Software Market Size be in 2021?

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Islamic Banking Software Market: Key Drivers and Trends

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.

  • The distribution of smart cards will be one of the significant factors that will drive Islamic banking software market growth.
  • The foolproof system of smart cards has induced many banks to issue them instead of traditional magnetic tape-based debit and credit cards.
  • Banks are undertaking several initiatives to promote the use of smart cards as it makes it easier to monitor customers' activities.
  • Smart cards protect customers against many security threats such as misuse of user passwords and system hacks.
  • The cost of managing password resets for banking companies can be high, which makes smart cards a cost-effective solution. This will increase the demand for smart cards from the banking sector, which will drive the growth of this market.
  • The rising adoption of cloud-based services is one of the latest Islamic banking market trends that will gain traction during the forecast period.
  • Cloud-based services are widely adopted for various purposes, such as authentication, video management systems, and the storage of biometric information.
  • Owing to the high preference for storing personal data on the cloud, it is crucial to secure the data from unauthorized access.
  • The rise in employee mobility has led to the implementation of cloud-based services for business functions by many organizations. This increases the need to safeguard the information stored on the cloud, which will lead to the rise in demand for security solutions. 

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.

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:

 

  • AutoSoft Dynamics Pvt. Ltd.
  • ICS Financial Systems Ltd.
  • Infosys Ltd.
  • International Turnkey Systems Group
  • Nucleus Software Exports Ltd.
  • Oracle Corp.
  • Path Solutions K.S.C.C.
  • Sopra Steria Group SA
  • 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 various organic and inorganic growth strategies to compete in the market.

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. 

Which are the Key Regions for Islamic Banking Software Market?

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71% of the market’s growth will originate from MEA during the forecast period. Saudi Arabia, the UAE, Kuwait, and Qatar are the key markets for Islamic banking software in MEA. Market growth in this region will be faster than the growth of the market in Europe, North America, and South America.

The high concentration of the Muslim population will facilitate the Islamic banking software market growth in MEA over the forecast period. 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.

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

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The Islamic banking software market share growth by the retail segment 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. The growth of Islamic retail banking is led by the international expansion of regional banks, the need for enhancing customer satisfaction, demand for online and mobile banking, and growing investments in Sukuk. 

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.

 

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What are the Key Factors 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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Islamic Banking Software Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Decelerate at a CAGR of 19.33%

Market growth 2021-2025

$ 3.88 billion

Market structure

Fragmented

YoY growth (%)

24.10

Regional analysis

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

Performing market contribution

MEA at 71%

Key consumer countries

Saudi Arabia, Malaysia, UAE, Kuwait, and Qatar

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

AutoSoft Dynamics Pvt. Ltd., ICS Financial Systems Ltd., Infosys Ltd., International Turnkey Systems Group, Nucleus Software Exports Ltd., Oracle Corp., Path Solutions K.S.C.C., Sopra Steria Group SA, 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 future consumer dynamics, market condition analysis for forecast period,

Customization purview

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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
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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
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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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The islamic banking software market growth will increase by $461.83 million during 2019-2024.
The islamic banking software market is expected to grow at a CAGR of 13.00% during 2019-2024.
Technavio has segmented the islamic banking software market by application (Retail, Corporate, and Others) ,distribution channel (Offline distribution channel and Online distribution channel) , 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.
MEA will register the highest growth rate of 54.41% among the other regions. Therefore, the islamic banking software market in MEA is expected to garner significant business opportunities for the vendors during the forecast period.
  • Saudi Arabia
  • Malaysia
  • UAE
  • Indonesia
The key factors driving the islamic banking software market growth are:
  • Issue of smart cards by banks
  • Adoption of blockchain technology
The islamic banking software market vendors should focus on grabbing business opportunities from the retail segment as it accounted for the largest market share in the base year.
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