In 2021, the top 10 TRM software vendors accounted for nearly 46.2% of the global Treasury and Risk Management applications market which grew 11.9% to approach nearly $5.2 billion in license, maintenance and subscription revenues.
We ask the simple question: Who’s buying TRM applications from whom and why? And we provide the answers – supported by decades of research – to our clients around the world. (Sample from our Apps Database)
Through our forecast period, the TRM applications market size is expected to reach $5.7 billion by 2026, compared with $5.2 billion in 2021 at a compound annual growth rate of 2.1%.
|Exhibit 2: Worldwide TRM Software Market 2021-2026 Forecast, $M|
|Year||2021||2026||2021-2026 CAGR, %|
Source: Apps Run The World, September 2022
Top 10 TRM Software Vendors
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.
Financial services remain TRM’s biggest buyers, FIS‘ purchase of SunGard forming a juggernaut in TRM will reshape the marketplace. On the other hand, fintech startups such as TreasuryXpress are having record sales contract increase across the Americas, EMEA, and MENA regions for their enterprise treasury management solution.
Here are the rankings of the top 10 TRM software vendors in 2021 and their market shares.
|Rank||Vendor||2020 TRM Apps Revenues, $M||2021 TRM Apps Revenues, $M||YoY Growth||2021 TRM Market Share, %||Recent Developments|
|1||ION Trading||Subscribe||Subscribe||4.9%||Subscribe||In July 2022, ION Markets unveiled its new Compliance SaaS solution, which evolved from the hosted Compliance solution ION implemented in 2014. ION’s Compliance SaaS solution unlocks greater investment transparency, enables real-time oversight of pre-and post-trading, and offers full coverage of asset types and geographies.|
|2||Murex||Subscribe||Subscribe||4.1%||Subscribe||Over 57,000 users in more than 65 countries rely on MX.3 every day. The platform natively integrates 300 ready-to-use payoffs across the front office, back office, and risk, and provides a comprehensive view of data across asset classes and functions in real-time.|
|3||Adenza (formerly Calypso)||Subscribe||Subscribe||8.8%||Subscribe||Following the merger of Calypso Technology and AxiomSL in July 2021, the combined company announced it will operate under the new name of Adenza. Adenza is dual headquartered in London and New York City, with nearly 2,000 employees, more than 60,000 users, and a customer base spanning the world’s largest financial institutions.|
|4||SAP||Subscribe||Subscribe||-0.2%||Subscribe||The 2021 acquisition of Signavio is expected to help SAP better compete with fast-growing vendors such as ABBYY Solutions, Blue Prism, and Celonis in the process mining as part of Robotic Process Automation market as well as adjacent space like Treasury and Risk Management that is beginning to turn to RPA tools for their transaction processing workload.|
|5||FIS Global||Subscribe||Subscribe||5.4%||Subscribe||In February 2022,FIS acquired Payrix. Payrix specializes in providing embedded payment solutions to SaaS-based platforms serving SMB e-commerce merchants. The acquisition will allow FIS to expand its e-commerce, embedded payments, and finance experiences for SMBs, accelerating the company’s fast-growing e-commerce business.|
|6||Finastra||Subscribe||Subscribe||6.2%||Subscribe||In June 2022, Finastra unveiled its embedded consumer lending solution, enabling access to traditional regulated lending options for consumers at point-of-sale. Finastra has over 8,600 customers across 130 countries, including 90 of the top 100 banks globally.|
|7||Kyriba||Subscribe||Subscribe||15.6%||Subscribe||In April 2022, Kyriba added 24 new API connectors that are live and fully integrated with Kyriba’s cloud platform, accelerating access to real-time payments, enterprise liquidity management, and optimizing resiliency against global economic disruption. Kyriba ERP APIs deeply integrate with and are certified by enterprise ERPs, including Oracle EBS, Oracle Fusion, Oracle NetSuite, SAP ECC 6.0, SAP S4/Hana, Microsoft Dynamics 365, and more.|
|8||Wolters Kluwer||Subscribe||Subscribe||6.4%||Subscribe||In March 2022, Wolters Kluwer Governance, Risk & Compliance signed an agreement with The Reynolds and Reynolds Company to acquire International Document Services, Inc a U.S. provider of compliance and document generation software solutions for the mortgage and real estate industry. IDS serves over 450 clients, including U.S. mortgage lenders, banks, and law firms.|
|9||SS&C Technologies||Subscribe||Subscribe||7.7%||Subscribe||In August 2022, SS&C Technologies acquired Tier1 CRM business and related assets from Tier1 Financial Solutions in an all-cash transaction. Tier1 CRM is a provider of sell-side CRM solutions targeting capital markets and investment banks. The acquisition will expand SS&C’s CRM capabilities, adding 30+ enterprise clients across the U.S., Canada, and the U.K.|
|10||Nice Systems||Subscribe||Subscribe||10.8%||Subscribe||NICE serves over 25,000 organizations in the enterprise, financial and security sectors. With over 2,000 call center deployments, inContact is used by 155,000 agents globally. It manages 6 billion interactions per year.|
Source: Apps Run The World, September 2022
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, Ebix, Edgeverve, an Infosys company, Envestnet, Equifax, Exalog, Exela Technologies, Exigis, Experian, FICO, Fiserv, Finance Active, GTreasury, GBST Holdings Limited, HCL Technologies Ltd., IBM, Imagine Software, Infor, Intelex Technologies, Jack Henry & Associates, KOGER, LexisNexis, Milliman Marc, MSCI, NCR Corporation, Open Access Technology International, Oracle, Q2ebanking, 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, TreasuryXpress, Verint Systems Inc., Workiva, Yonyou, and others.
Custom data cuts related to the Treasury and Risk Management Applications market are available:
- Top 140+ TRM Applications Vendors and Market Forecast 2021-2026
- 2021 TRM Applications Market By Industry (21 Verticals)
- 2021 TRM Applications Market By TRM Segments and Categories
- 2021 TRM Applications Market By Country (USA + 45 countries)
- 2021 TRM Applications Market By Region (Americas, EMEA, APAC)
- 2021 TRM Applications Market By Revenue Type (License, Services, Hardware, Support and Maintenance, Cloud)
- 2021 TRM Applications Market By Customer Size (revenue, employee count, asset)
- 2021 TRM Applications Market By Channel (Direct vs Direct)
- 2021 TRM Applications Market By Product
Exhibit 4 shows the enterprise applications market by functional area. The highest growth functional markets revolve around smaller segments like eCommerce, Enterprise Performance Management, Sales Performance Management and Treasury and Risk, where first movers remain less established than those that for decades have been entrenched in functional areas like Analytics and BI, ERP, CRM and PLM.
TRM Win/Loss Analysis As Part Of Enterprise Applications Buyer Insight Customer Database
On the buyer side, customers are investing in TRM systems based on new features and capabilities that are expected to replace their existing legacy systems. In many cases, competitive upgrades and replacements that could have a profound impact on future market-share changes will become more widespread.
Since 2010, our global team of researchers have been studying the patterns of the latest TRM software purchases by customers around the world, aggregating massive amounts of data points that form the basis of our forecast assumptions and perhaps the rise and fall of certain vendors and their products on a quarterly basis.
Updated continuously, our database features extensive win/loss analysis. Each year our research team identifies tens of thousands of these TRM customer wins and losses from public and proprietary sources.
The research results are being incorporated into regular updates in our Enterprise Applications Buyer Insight Customer Database. You can access the Quarterly Win/Loss Analysis Scoreboard and our Enterprise Applications Buyer Insight Customer Database by becoming a subscriber.
Source: Apps Run The World, September 2022
An expanded version of this report covers the top 140+ TRM vendors, offering in-depth analysis of the market dynamics, vendors’ Strengths, Customers, Opportunities, Risks and Ecosystems as well as their ability to gain Shares (SCORES) within their respective space.
We also offer win-loss analysis of the quarterly wins of these top vendors and whether incumbents and upstarts pose any real threat to their standing amid shifting market requirements and user preferences.
More Enterprise Applications Research Findings
Based on the latest annual survey of 3,000+ enterprise software vendors, Apps Run The World is releasing a number of dedicated reports, which profile the world’s 500 largest Enterprise Applications Vendors (Apps Top 500) and the world’s 500 largest Cloud Applications Vendors (Cloud Top 500) ranked by their 2015-2021 product revenues.
Their 2021 results are being broken down, sorted and ranked across 16 functional areas (from Analytics 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.
Definition Of Treasury And Risk Management (TRM) Applications
Treasury and Risk Management applications are designed to automate corporate and banking functions pertaining to managing cash and liquidity, identifying and measuring financial risks as well as other assets, collaterals and underlying instruments that could impact an organization’s ability to sustain itself financially and operationally, while meeting regulatory requirements.
The market for 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 as follows:
- Cash management automation includes both discrete and interlocking treasury processes involving electronic payment authorization, bank relationship management, cash forecasting, and others.
- Deal management automation includes processes for the implementation of trading controls, the creation of new instruments and asset classes, market data interface from manual or third-party sources, and others.
- Risk management automation includes performance analysis, various metrics calculations used in fixed-income portfolio analysis, market-to-market valuations, energy trading and risk management, and compliance with regulations and standards such as Basel III, Dodd Frank, European Market Infrastructure Regulation, Financial Accounting Standard, International Financial Reporting Standards, Single European Payments Area, Solvency II, and others.
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 100,000 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.