We could end up with both. Think of the three global areas on Orwell's 1984. I can see that happening, though there would probably be 4 global areas: a Caliphate covering Turkey and spreading up through eastern Europe, a fascistic and socialized eastern Europe having become a single nation under the EU, a Communist controlled Asia, and us, battling admixtures of the other three to our north and south.
Considering the warfare in nearly every one of the above mentioned states it is not hard to see the ultimate goal of all the islamic violence....a Global Caliphate.