Islamic Banking Software Market size to grow by USD 2.73 billion from 2022 – 2027, Availability of smart cards offered by Islamic banks boosts the market – Technavio

NEW YORK, Nov. 26, 2023 /PRNewswire/ — The Islamic banking software market by application (retail, corporate, and others), deployment (on-premises and cloud), and geography (Middle East and Africa, APAC, Europe, North America, and South America) – Forecast and Analysis 2023-2027 report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the Islamic banking software market between 2022 and 2027 is USD 2.73 billion. The issue of smart cards by Islamic banks drives market growth. Several Islamic banks are issuing smart cards which is fuelling the market growth. The main advantage of these smart cards is that they offer increased security, convenience, and flexibility by storing personal and financial information on a chip that is integrated into the card. Hence, such factors drive the market growth.

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Market Challenge –

The lack of expertise, awareness, and training in Islamic banking software is a major challenge hindering the market growth. Several banks are facing a lot of difficulties in implementing new software and advanced technologies. In addition, it is essential to offer specialized training in technology which enables the banking staff to match the needs of clients. Hence, such factors hinder the market growth.

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The Islamic banking software market is segmented by application (retail, corporate, and others), deployment (on-premises and cloud), and geography (Middle East and Africa, APAC, Europe, North America, and South America). 

The market share growth by the retail segment is significant during the forecast period. the retail segment in the global Islamic banking software market referees to the software solutions and services that are specifically tailored to the requirements of individual clients in Islamic banks. In addition, by leveraging these software solutions, a wide range of retail banking products and services that are compliant with Sharia can be offered by the banks. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth.

Geo Segment – 

Middle East and Africa account for 70% of the growth of the global market during the forecast period. The market growth is fuelled by the high concentration of the Muslim population in this region, which is increasing the demand for Islamic banking software. Hence, such factors drive the market growth in the region.

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Key Companies in the Islamic Banking Software Market:

AutoSoft Dynamics Pvt. Ltd., Azentio Software Pvt. Ltd., Bank Albilad, Bank Alfalah Islamic Banking, BML Istisharat SAL, Codebase Technologies FZE, Craft Silicon Ltd., First Abu Dhabi Bank PJSC, ICS Financial Systems Ltd., INFOPRO Sdn Bhd, Infosys Ltd., International Turnkey Systems Group, Millennium Information Solution Ltd., Nucleus Software Exports Ltd., Oracle Corp., Silverlake Axis Ltd., Sopra Steria Group SA, Tata Consultancy Services Ltd., Temenos AG, and Virmati Infotech Pvt. Ltd

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Deployment

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio