Worldwide TRM Software Market Forecast, 2024-2029, $M
Worldwide TRM Software Market Forecast, 2024-2029, $M

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 compound annual growth rate 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

RankVendor2019 TRM Apps2022 TRM Apps Revenues, $M2023 TRM Apps Revenues, $M2024 TRM Apps Revenues, $MYoY Growth2024 TRM Market Share, %
1ION GroupION IT2 Treasury, Reval Cloud Platform Subscribe Subscribe Subscribe4.7% Subscribe
2MurexMurex MX.3 Subscribe Subscribe Subscribe1.8% Subscribe
3Nasdaq Financial Technology (formerly Adenza, AxiomSL and Calypso)NASDAQ Calypso Treasury & Liquidity, NASDAQ Adenza AxiomSL Subscribe Subscribe Subscribe17.6% Subscribe
4SAPSAP Treasury and Risk Management, SAP GRC Subscribe Subscribe Subscribe2.4% Subscribe
5FinastraFinastra Misys FusionCapital Kondor, Finastra Misys FusionCapital Opics Subscribe Subscribe Subscribe4.5% Subscribe
6KyribaKyriba Treasury Subscribe Subscribe Subscribe19.7% Subscribe
7ServiceNowServiceNow Governance, Risk, and Compliance (GRC) Subscribe Subscribe Subscribe35.1% Subscribe
8FIS GlobalFIS Treasury and Risk Manager – Quantum Edition, FIS Treasury and Risk Manager – Integrity Edition Subscribe Subscribe Subscribe9.6% Subscribe
9SS&C TechnologiesSS&C Treasury Management, SS&C Algorithmics Subscribe Subscribe Subscribe6.9% Subscribe
10NICE SystemsNice Actimize Subscribe Subscribe Subscribe15.0% Subscribe
Subtotal Subscribe Subscribe Subscribe9.5% Subscribe
Other Subscribe Subscribe Subscribe10.8% Subscribe
Total57546250688810.2%100.0%

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

ARTW Technographics Platform: 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  

CustomerIndustryEmpl.RevenueCountryProductCategory
Aegon NederlandInsurance26000$27.3BNetherlandsServiceNow Governance, Risk, and Compliance (GRC)Governance, Risk and Compliance
Allied Irish BanksBanking and Financial Services10469$5.8BIrelandNASDAQ Adenza AxiomSLGovernance, Risk and Compliance
AnadolubankBanking and Financial Services1650$620MTurkeyMurex MX.3 MXGOTreasury Management
AustralianSuperBanking and Financial Services1900$1.8BAustraliaNASDAQ Calypso Treasury & LiquidityTreasury Management
Bank of HangzhouBanking and Financial Services13756$4.7BChinaMX.3 for FRTBGovernance, Risk and Compliance
Bank of HangzhouBanking and Financial Services13756$4.7BChinaMX.3 for FRTBGovernance, Risk and Compliance
BNY Mellon IndiaBanking and Financial Services14000$2.4BIndiaNice ActimizeAML, Fraud and Compliance
Boubyan BankBanking and Financial Services2333$709MKuwaitMurex MX.3 MXGOTreasury Management
Britannia IndustriesConsumer Packaged Goods4480$1.5BIndiaSAP Treasury and Risk ManagementTreasury Management
Citizens BankBanking and Financial Services17315$7.8BUnited StatesFinastra Fusion Trade InnovationTreasury Management
City National Bank, a Royal Bank of Canada (RBC) CompanyBanking and Financial Services7522$3.6BUnited StatesServiceNow Governance, Risk, and Compliance (GRC)Governance, Risk and Compliance
CMA CGMTransportation160000$47.0BFranceKyriba TreasuryTreasury Management
Credit MutuelBanking and Financial Services82000$19.0BFranceFinastra Misys FusionCapital KondorTreasury Management
Danske BankBanking and Financial Services20046$8.9BDenmarkServiceNow Governance, Risk, and Compliance (GRC)Governance, Risk and Compliance
Freddie MacBanking and Financial Services8004$21.2BUnited StatesSS&C Algorithmics (formerly IBM Algorithmics)Portfolio and Investment Risk Management
GoTyme BankBanking and Financial Services320$160MPhilippinesNice ActimizeAML, Fraud and Compliance
Government of AlbertaGovernment26289$68.3BCanadaFIS Treasury and Risk Manager – Quantum EditionTreasury Management
HypoVereinsbankBanking and Financial Services9052$12.2BGermanyFinastra Misys FusionCapital KondorTreasury Management
ING DeutschlandBanking and Financial Services6000$2.9BGermanyNice ActimizeAML, Fraud and Compliance
Israel Discount Bank Financial Markets DivisionBanking and Financial Services8036$3.7BIsraelNASDAQ Calypso Treasury & LiquidityTreasury Management
Just Eat TakeawayProfessional Services13506$5.5BNetherlandsFIS Treasury and Risk Manager – Integrity EditionTreasury Management
Lamb WestonManufacturing10200$5.4BUnited StatesSAP Treasury and Risk ManagementTreasury Management
LGT Private BankingBanking and Financial Services5000$3.5BLiechtensteinNice ActimizeAML, Fraud and Compliance
Lien Viet Post Joint Stock Commercial BankBanking and Financial Services11975$616MVietnamFinastra Misys FusionCapital KondorTreasury Management
Lloyds Banking GroupBanking and Financial Services61228$25.3BUnited KingdomMurex MX.3 Collateral ManagementRisk Management
MercadoLibreRetail84207$20.8BUruguayNASDAQ Adenza AxiomSLGovernance, Risk and Compliance
MigrosRetail99175$36.4BSwitzerlandION Wallstreet SuiteTreasury Management
National Basketball Association (NBA)Leisure and Hospitality2500$11.0BUnited StatesServiceNow Governance, Risk, and Compliance (GRC)Governance, Risk and Compliance
NCCConstruction and Real Estate12200$5.5BSwedenION IT2 TreasuryTreasury Management
Odido NetherlandsCommunications2000$2.2BNetherlandsSAP Treasury and Risk ManagementTreasury Management
Pacific LifeInsurance4000$16.0BUnited StatesFIS Treasury and Risk Manager – Integrity EditionTreasury Management
RaizenUtilities45417$39.0BBrazilION TriplePointCTRM
Royal Bank of CanadaBanking and Financial Services94369$57.5BCanadaKyriba TreasuryTreasury Management
SandvikOil, Gas and Chemicals34675$12.1BSwedenFIS Treasury and Risk Manager – Quantum EditionTreasury Management
Saudi German Health (SGH)Healthcare8500$707MSaudi ArabiaKyriba TreasuryTreasury Management
SDCBanking and Financial Services1200$245MDenmarkSS&C Algorithmics (formerly IBM Algorithmics)Portfolio and Investment Risk Management
Siemens HealthineersLife Sciences71400$23.5BGermanyION ITS SolutionTreasury Management
SikaOil, Gas and Chemicals12305$33.5BSwitzerlandFIS Treasury and Risk Manager – Integrity EditionTreasury Management
Societe GeneraleBanking and Financial Services126000$29.6BFranceKyriba TreasuryTreasury Management
St. James’s PlaceBanking and Financial Services3334$33.4BUnited KingdomION Analytics RMSAnalytics and BI
StarbucksRetail361000$36.2BUnited StatesSAP GRCGovernance, Risk and Compliance
Terumo EuropeLife Sciences1445$863MBelgiumSAP GRCGovernance, Risk and Compliance
The Co-operative BankBanking and Financial Services2656$671MUnited KingdomFinastra Misys FusionRiskRisk Management
TotalEnergiesOil, Gas and Chemicals102887$49.5BFranceKyriba TreasuryTreasury Management
UalaProfessional Services1500$350MArgentinaNASDAQ Adenza AxiomSLGovernance, Risk and Compliance
Wells Fargo IndiaBanking and Financial Services10000$1.0BIndiaNice ActimizeAML, Fraud and Compliance
WiproProfessional Services249095$11.0BIndiaServiceNow Governance, Risk, and Compliance (GRC)Governance, Risk and Compliance

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

Functional Market, $M202220232024YoY Growth20292024-2029 CAGR, %
Analytics and BI Subscribe Subscribe Subscribe Subscribe Subscribe7
Collaboration Subscribe Subscribe Subscribe Subscribe Subscribe6.3
Content Management Subscribe Subscribe Subscribe Subscribe Subscribe7.2
Customer Relationship Management Subscribe Subscribe Subscribe Subscribe Subscribe5.8
eCommerce Subscribe Subscribe Subscribe Subscribe Subscribe7.6
Enterprise Performance Management Subscribe Subscribe Subscribe Subscribe Subscribe5.9
Enterprise Resource Planning Subscribe Subscribe Subscribe Subscribe Subscribe5.7
Human Capital Management Subscribe Subscribe Subscribe Subscribe Subscribe6.7
IT Service Management Subscribe Subscribe Subscribe Subscribe Subscribe6.2
PLM & Engineering Subscribe Subscribe Subscribe Subscribe Subscribe5.9
Project Portfolio Management Subscribe Subscribe Subscribe Subscribe Subscribe5.8
Procurement Subscribe Subscribe Subscribe Subscribe Subscribe5.3
Sales Performance Management Subscribe Subscribe Subscribe Subscribe Subscribe4.8
Supply Chain Management Subscribe Subscribe Subscribe Subscribe Subscribe5.4
Treasury and Risk Management Subscribe Subscribe Subscribe Subscribe Subscribe5.1
Total Subscribe Subscribe Subscribe Subscribe Subscribe6.2

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.

Worldwide Enterprise Applications Market Forecast 2024-2029, By Functional Market, $M
Worldwide Enterprise Applications Market Forecast 2024-2029, By Functional Market, $M
Worldwide Enterprise Applications Market Forecast 2024-2029, By Vertical Market, $M
Worldwide Enterprise Applications Market Forecast 2024-2029, By Vertical Market, $M

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.

Buyer Intent: Companies Reading this Research Report
ARTW Buyer Intent uncovers actionable customer signals, identifying software buyers actively reading this research report. Gain ongoing access to real-time prospects and uncover hidden opportunities. Companies Actively accessing this research report include:
  1. Payoneer, a United States based Banking and Financial Services organization with 2167 Employees
  2. Next47, a United States based Professional Services company with 50 Employees
  3. Synthesized, a United Kingdom based Professional Services organization with 50 Employees
LogoCompanyIndustryEmployeesRevenueCountryEvaluated