Global Islamic Banking Software Market Witnessed to Gain Rapid Prominence with a CAGR of 12.6% during 2017-2021
Islamic banking software refers to the banking software that functions according to the Shariah norms for managing and monitoring banking operations.
Albany, New York, October 5, 2017: The Islamic banking industry has grown widely over the past 20 years. At present, global Islamic banking software market is in the developing stage. The vendors in the market are coming up with Shariah-compliant software with different capabilities to maintain their market positions. According to the latest findings, analysts predicting further international growth and an increasing share of the global financial market despite the global slowdown. Market Research Hub (MRH) has recently announced the inclusion of this latest study to its massive collection of research reports, which is titled as “Global Islamic Banking Software Market 2017-2021”. This smooth report emphasizes the present scenario along with the growth prospects of the global Islamic banking software market for the period 2017-2021.
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Initially, the research report starts with the executive summary and scope Islamic finance ecosystem, followed by the research methodology. Moving ahead, the study includes market landscape that focuses on the market size and forecast. This portion also highlights the five forces analysis to determine the competitive landscape targeting various players from the global Islamic banking software market. In order to calculate the market size, analysts have considered the revenue generated from the sales of islamic banking software offered by the vendors. As per research findings, it has been noted that the global islamic banking software market is likely to rise at a CAGR of 12.6% during the period 2017-2021.
Islamic banking software refers to the banking software that functions according to the Shariah norms. It ensures full Islamic Banking offerings, featuring complete management of products and mechanisms to serve operations according to the Shari’a rules & standard. By applications, the market has been categorized into retail Islamic banking software and corporate Islamic banking software. Amongst, the retail banking segment is the fastest growing segment, which is also anticipated to grow in the coming years as well. The rising Muslim population, the increase in international expansion of regional banks, and the growing investments in Sukuk are some of the major factors responsible for this segment expansion.
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Geographically, the research majorly focuses on regions such as Americas, EMEA and APAC. Key leading countries mentioned in the study are Malaysia, UAE and Saudi Arabia. Of these, EMEA will be the major revenue contributor to the Islamic banking software market throughout the forecast period. Another important section in this report is the market dynamics which throws light on the market drivers, challenges and opportunities. Analysts identify that the distribution of smart cards by banks will be one of the major factors that will have a positive impact on the growth of the market. On the other hand, some major trends include the adoption of blockchain technology, advent of big data and analytics, and advent of GIS technology in banking. The rising adoption of cloud-based services is one of the latest trends that will gain traction in the Islamic banking software market.
At present, key vendors available in this market are ITS, Temenos, Oracle and Path Solutions. Other prominent vendors include Millennium Information Solution, AutoSoft Dynamics, ICS Financial Systems, Nucleus Software Exports, BML Istisharat, VIRMATI SOFTWARE & TELECOMMUNICATIONS, EdgeVerve (an Infosys company), Intertech, Tata Consultancy Services etc.
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