Dubai
The global Islamic banking software market size is expected to grow by USD 461.83 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
With the growing transaction volumes and the introduction of new digital payment solutions, the banking sector is facing challenges in controlling fraudulent activities without compromising on the convenience of customers. Thus, banks are increasingly issuing smart cards instead of traditional magnetic-based debit and credit cards, due to their tamper-free nature. Banks are taking initiatives to promote the use of smart cards as they enable them to track the activities of customers easily. This helps in better customer management and enables the implementation of customer loyalty programs. Smart cards protect against security threats that range from misuse of user passwords to sophisticated system hacks. Thus, the distribution of smart cards will drive the Islamic banking software market growth during the forecast period.
As per Technavio, the growing prominence of social media in banking sector will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Banking firms across the world are leveraging the social media as a powerful business tool. With increased online professional and social networking, providing a value proposition to the customers has become a major criterion for vendors. Facebook, YouTube, Pinterest, Google+, and Twitter are among the most common media for targeting customers worldwide. The use of social media has gained prominence in activities related to both front and back-end office operations. Several areas, such as posting frequently asked questions and getting customer feedback from discussion forums, have become quite popular in the banking sector as it helps firms to strengthen their relationship with customers. Thus, the growing prominence of social media is one of the key Islamic banking software market trends that will drive the growth of the market.—Business Wire
