In 2024, the global TRM software market grew to $6.9 billion, marking a 10.2% year-over-year increase. The top 10 vendors accounted for 42.4% of the total market. ION Group led the pack with an 8.5% market share, followed by Murex, Nasdaq Financial Technology (formerly Adenza, AxiomSL and Calypso), SAP, and Finastra.
Through our forecast period, the TRM applications market size is expected to reach $8.8 billion by 2029, compared with $6.9 billion in 2024 at a CAGR of 5.1%.
Treasury and Risk Management applications covers standalone and/or integrated products that automate business processes to support corporate treasury operations (including the treasuries of financial services enterprises) with the corresponding financial institution functionality and optimize related cash management, deal management, and risk management functions
Top 10 TRM Software Vendors in 2024 and their Market Shares
Source: Apps Run The World, July 2025
Other TRM software providers included in the report are: 3i Infotech, 3V Finance (Titan Treasury), ACI Worldwide, Argo Data Resource Corp., Asseco Group, Bloomberg, Bottomline Technologies, Calabrio, Inc., CGI Group Inc., Coupa Software, Clearwater Analytics, COCC, CURA Software Solutions, Deluxe Corporation, Digital River, Edgeverve, an Infosys company, Envestnet, Equifax, Exalog, Exela Technologies, Exigis, Experian, FICO, Fiserv, GTreasury, GBST Holdings Limited, HCL Technologies Ltd., IBM, Imagine Software, Infor, Intelex Technologies, Jack Henry & Associates, KOGER, LexisNexis, Milliman Marc, MSCI, NCR Corporation, Oracle, Resolver Inc., Riskonnect, Roper Technologies, Salmon Software, Sage, Serrala, SimCorp,  Silverlake Axis, SAS Institute, SmartStream, Solera Holdings, Temenos Group AG, Thomson Reuters Elite, Trayport, Trintech Group, Verint Systems Inc., Workiva, Yonyou, and others.
Vendor Snapshot: TRM Market Leaders
ION Group
ION is transforming its modular TRM platforms—like ION IT2 Treasury and the Reval Cloud Platform—into adaptive, agentic ecosystems. Recent upgrades prioritize domain-specific LLMs and no-code agent composition for cash forecasting, debt decisions, and liquidity stress scenarios. While still emerging publicly, ION’s roadmap positions it as an AI orchestrator in capital-intensive environments, emphasizing human-in-the-loop governance and real-time decisioning agents.
Murex
Murex is embedding agentic intelligence directly into its end-to-end MX.3 platform, enabling real-time risk insights and autonomous response loops. Agents within MX.3 detect policy breaches and trigger automated remediations, complete with decision traceability. Investment in digital twins, simulation-based scenario testing, and low-code tools elevates treasury operations toward zero-touch risk governance, while ensuring alignment with regulatory standards.
Nasdaq Financial Technology (formerly Adenza, AxiomSL and Calypso)
Now consolidating Adenza/Calypso and AxiomSL, Nasdaq’s unified TRM platform automates liquidity management, regulatory compliance, and capital constraints through agentic orchestration. Embedded agents reconcile real-time capital positions against risk limits, generating self-regulating workflows. Enhanced explainability and data lineage capabilities make this platform well-suited for treasury teams operating in highly regulated capital markets environments.
SAP
SAP has integrated agentic AI into its core Treasury and Risk Management and GRC modules within the S/4HANA landscape. These agents interpret policy, currency, and liquidity inputs to generate adaptive workflows that self-learn over time. With Joule Studio supporting low-code agentification of treasury processes, SAP is redefining finance operations—turning treasury into an autonomous control center embedded within the broader intelligent ERP infrastructure.
Finastra
Finastra’s FusionCapital Kondor and Opics suites now include conversational agents that model risk exposures, simulate yield curve changes, and execute compliance-aware workflows. These agents go beyond forecasting by automatically adapting workflow pipelines when liquidity, collateral, or capital thresholds are breached. Finastra’s open-architecture approach encourages no-code agent customization within its open finance stack, helping clients embed automation deeply into treasury operations.
Kyriba
Kyriba has repositioned its Treasury module as an AI-native command center, with autonomous agents that monitor cash shortfalls, suggest hedging strategies, and execute reconciliations in real time. Its open APIs and low-code agent interface allow treasury teams to plug into ERPs, banking systems, and trading platforms, fostering cross-system orchestration. Kyriba is becoming the go-to AI-first partner for multi-entity financial control.
ServiceNow
ServiceNow is extending its governance-first ethos into treasury and risk through ServiceNow GRC, where embedded agents assist with risk exposures, resilience scenarios, and audit-disclosure workflows. Users can build compliance and treasury bots via low-code interfaces on the Now Platform. Conversational agents guide risk managers on mitigation steps and policy gaps—redefining TRM as a real-time governance ecosystem.
FIS Global
FIS is turbocharging TRM through its Quantum and Integrity Editions of Treasury & Risk Manager, embedding AI agents that handle global cash positioning, liquidity risk orchestration, and treasury continuity planning. Powered by its AI Labs and natural language policy engines, the platform integrates financial digital twins and no-code orchestration tools, pushing toward a future of continuous, self-regulating treasury operations.
SS&C Technologies
SS&C continues to expand its TRM capabilities via strategic acquisitions, including the planned integration of Calastone (a blockchain-based fund network) expected by Q4 2025. Its Treasury Management and Algorithmics platforms now support agents that analyze cross-entity liquidity exposure, embedded in fund trading and claims workflows. While early in agentic deployment, the combined infrastructure suggests a shift toward autonomous intelligence across institutional cash and capital operations.
NiCE Systems
NICE Actimize is applying agentic AI across its NICE Actimize portfolio to unify risk surveillance, behavioral analytics, and treasury fraud detection within a single cognitive layer. These agents monitor liquidity anomalies, exposure volatility, and compliance breaches in real time. Supporting over 1,000 institutions across 70 countries as of early 2025, NICE Actimize positions itself as a strategic partner for global financial firms seeking agent-driven AML.
ARTW Technographics Platform:Â TRM customer wins
Since 2010, our research team has been studying the patterns of the TRM software purchases, analyzing customer behavior and vendor performance through continuous win/loss analysis. Updated quarterly, the ARTW Technographics Platform provides deep insights into thousands of TRM customer wins and losses, helping users monitor competitive shifts, evaluate vendor momentum, and make informed go-to-market decisions.
List of TRM customers Â
Source: ARTW Buyer Insights Technographic Database
Custom data cuts related to the Treasury and Risk Management Applications market are available:
- Top 130+ TRM Applications Vendors and Market Forecast 2024-2029
- 2024 TRM Applications Market By Industry (21 Verticals)
- 2024 TRM Applications Market By TRM Segments and Categories
- 2024 TRM Applications Market By Country (USA + 45 countries)
- 2024 TRM Applications Market By Region (Americas, EMEA, APAC)
- 2024 TRM Applications Market By Revenue Type (License, Services, Hardware, Support and Maintenance, Cloud)
- 2024 TRM Applications Market By Customer Size (revenue, employee count, asset)
- 2024 TRM Applications Market By Channel (Direct vs Indirect)
- 2024 TRM Applications Market By Product
Worldwide Enterprise Application Market
Exhibit 3 provides a forecast of the worldwide enterprise application market from 2024 to 2029, highlighting market sizes, year-over-year growth, and compound annual growth rates across various functional segments. The data shows strong growth in emerging areas like Content Management, eCommerce, Human Capital Management, and IT Service Management, while traditional segments like ERP and CRM continue to dominate in market size.
Exhibit 3: Worldwide Enterprise Application Market Forecast 2024-2029 by Functional Market, $M
Source: Apps Run The World, July 2025
Exhibit 4 shows the enterprise applications market by functional area. The highest growth functional markets revolve around smaller segments like Analytics and BI, eCommerce, Enterprise Performance Management, where first movers remain less established than those that for decades have been entrenched in functional areas like ERP, HCM, CRM and PLM.
More Enterprise Applications Research Findings
Based on the latest annual survey of 10,000+ enterprise software vendors, Apps Run The World is releasing a number of dedicated reports, which profile the world’s 1,500 largest Enterprise Applications Vendors ranked by their 2024 product revenues. Their 2024 results are being broken down, sorted and ranked across 16 functional areas (from Analytics and BI to Treasury and Risk Management) and by 21 vertical industries (from Aerospace to Utility), as shown in our Taxonomy. Further breakdowns by subvertical, country, company size, etc. are available as custom data cuts per special request.
Research Methodology
Each year our global team of researchers conduct an annual survey of thousands of enterprise software vendors by contacting them directly on their latest quarterly and annual revenues by country, functional area, and vertical market.
We supplement their written responses with our own primary research to determine quarterly and yearly growth rates, In addition to customer wins to ascertain whether these are net new purchases or expansions of existing implementations.
Another dimension of our proactive research process is through continuous improvement of our customer database, which stores more than one million records on the enterprise software landscape of over 2 million organizations around the world.
The database provides customer insight and contextual information on what types of enterprise software systems and other relevant technologies are they running and their propensity to invest further with their current or new suppliers as part of their overall IT transformation projects to stay competitive, fend off threats from disruptive forces, or comply with internal mandates to improve overall enterprise efficiency.
The result is a combination of supply-side data and demand-generation customer insight that allows our clients to better position themselves in anticipation of the next wave that will reshape the enterprise software marketplace for years to come.
- Payoneer, a United States based Banking and Financial Services organization with 2167 Employees
- Next47, a United States based Professional Services company with 50 Employees
- Synthesized, a United Kingdom based Professional Services organization with 50 Employees
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