The Islamic banking software market size is expected to grow by $2.73 billion between 2022 and 2027. The availability of smart cards offered by Islamic banks is driving the market.

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NEW YORK, November 26, 2023 /PRNewswire/ — The Islamic Banking Software Market by application (retail, enterprise, and others), deployment (on-premises and cloud), and geography (Middle East And AfricaAsia Pacific, Europe, North AmericaAnd South America) – Forecast and Analysis Report 2023-2027 has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proud to partner with over 100 Fortune 500 companies for over 16 years. The difference in potential growth of the Islamic banking software market between 2022 and 2027 is $2.73 billion. Issuance of smart cards by Islamic banks is driving market growth. Several Islamic banks are issuing smart cards, which is fueling market growth. The main advantage of these smart cards is that they provide increased security, convenience and flexibility by storing personal and financial information on a chip embedded in the card. Therefore, these factors are driving the market growth.

Technavio has announced its latest market research report titled Global Islamic Banking Software Market 2023-2027.

Technavio has announced its latest market research report titled Global Islamic Banking Software Market 2023-2027.

Get deeper insights into the market size, current market scenario, future growth opportunities, key growth factors, latest trends and much more. Buy the full report here

Market Challenge –

  • Lack of expertise, awareness and training on Islamic banking software is a major challenge hindering the market growth. Several banks face many difficulties in implementing new software and advanced technologies. Additionally, it is essential to provide specialized technology training to enable banking staff to meet customer needs. Therefore, these factors hamper the market growth.

Discover other key drivers, trends and challenges available with Technavio. Read a sample PDF report now

The Islamic banking software market is segmented by application (retail, enterprise and others), deployment (on-premises and cloud), and geography (Middle East And AfricaAsia Pacific, Europe, North AmericaAnd South America).

  • The growth in market share of retail segment is significant during the forecast period. The retail segment of the global Islamic banking software market arbitrates software solutions and services specifically tailored to the needs of individual Islamic banking customers. Additionally, by leveraging these software solutions, a wide range of Shariah-compliant retail banking products and services can be offered by banks. Therefore, these factors fuel the growth of this segment, which in turn drives the market growth.

Geographic segment –

  • Middle East And Africa account for 70% of the global market growth during the forecast period. The market growth is fueled by the high concentration of Muslim population in this region, which increases the demand for Islamic banking software. Therefore, these factors are driving the market growth in the region.

View sample report for an overview of the contribution of all segments and regional opportunities in the report.

Key Companies in 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.

Related reports:

THE Enterprise Information Management (EIM) Market The market size is estimated to grow at a CAGR of 17.01% between 2023 and 2028. The market size is expected to grow by $88.02 billion.

THE Business Management Software (BMS) Market The market size is estimated to grow at a CAGR of 10.48% between 2023 and 2028. The market size is expected to grow by $222.08 billion.

Islamic Banking Software Market Scope

Report cover

Details

Base year

2022

Historical period

2017-2021

Forecast period

2023-2027

Growth dynamics and CAGR

Accelerate at a CAGR of 10.75%

Market Growth 2023-2027

$2.7 billion

Market structure

Fragmented

Annual growth 2022-2023 (%)

10.23

Effective contribution to the market

Middle East and Africa at 70%

Key countries

Saudi Arabia, United Arab Emirates, Kuwait, Qatar and Malaysia

Competitive landscape

Key Vendors, Vendor Market Positioning, Competitive Strategies, and Industry Risks

TOC:

Executive summary

Market landscape

Market sizing

Historical Market Sizes

Five Forces Analysis

Market segmentation by application

Market segmentation by deployment

Market segmentation by geography

Customer landscape

Geographic landscape

Drivers, challenges and trends

Business landscape

Business Analysis

Annex

About Technavio

Technavio is a leading global technology research and consulting company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialist analysts, Technavio’s reporting library includes over 17,000 reports, covering 800 technologies and 50 countries. Their customer base consists of businesses of all sizes, including more than 100 Fortune 500 companies. This growing customer base leverages Technavio’s comprehensive coverage, in-depth research, and actionable market intelligence to identify opportunities in existing markets and potentials and assess their competitive positions in changing market scenarios.

Contacts

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Jesse Maïda
Media and Marketing Manager
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E-mail: media@technavio.com
Website: www.technavio.com/

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Cision

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SOURCE Technavio

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