London, UK, 22 May 2024 - IFS, the leading technology innovator in cloud and Industrial AI software, today announces that for the third consecutive year Gartner has named IFS the #1 for market share in the Enterprise Asset Management (EAM) market.

IFS is named #1 in the Gartner Market Share: All Software Markets, Worldwide, 2023 report, based on a market share of 20.3%, revenues of $452m and 36.4% year-over-year growth in 2022-2023.

Kevin Price, Global Head of Enterprise Asset Management at IFS, said: “Our third consecutive #1 ranking on EAM from Gartner is clear evidence that we are getting it right – by consistently listening to our customers and delivering value for them. We are very proud to have retained this position, hot on the heels of our Q1 2024 financial results which revealed the best start to a year in IFS history, with annual recurring revenue up 26% year-over-year.”

Price added: “Asset-intensive enterprises continue to move to IFS because our total customer-focus and industry depth means we provide compelling use cases that are fast, easy to implement and deliver value quickly. Customers can achieve this from a single composable platform that offers advanced functionality, AI innovation embedded, and flexible deployment options. And our best-of-breed EAM delivers incredible value for those customers who want to modernize their maintenance operations. Existing customers are also expanding their use of IFS technology to transform, grow, operate more efficiently and more sustainably, and provide those outstanding Moments of Service for their own customers.”

The report provides an overview of worldwide enterprise software spending, including EAM, stating that: “worldwide enterprise software spending grew by 11.1% to $786.4 billion in 2023 from $708.0 billion in 2022. Customer experience and relationship management (CRM), database management systems (DBMS), and security remained the largest software markets. Analytic platforms emerged as the fastest-growing application software market with a 14.4% growth rate, and networking software emerged as the fastest-growing infrastructure software market with a 14.2% growth rate.”

IFS offers two powerful and flexible EAM solutions. IFS Cloud EAM is a composable solution with embedded IFS.ai capabilities that address the unique demands of complex asset-intensive environments through a single integrated platform. Since it is composable, it is easily combined with ERP and Service Management capabilities to automate the management of assets to control maintenance, optimize performance and support ESG goals. It is designed to meet the current and future needs of asset-intensive industries such as Energy and Utilities, Construction & Engineering, Manufacturing, Services, Aerospace & Defense and Telecoms.

IFS Ultimo EAM combines a fully integrated environment, health, and safety (EHS) and operations suite with out-of-the-box industry-specific solutions built for manufacturing, logistics, and healthcare. Designed for organizations that manage industrial and fleet assets alike, IFS Ultimo offers rich functionality for planning, monitoring, optimizing and executing maintenance activities and automating workflows.

Learn more about how IFS supports asset-intensive industries at: www.ifs.com/solutions/enterprise-asset-management.
Gartner, Market Share: All Software Markets, Worldwide, 2023, 22 April 2024.

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About IFS
IFS develops and delivers cloud enterprise software for companies around the world who manufacture and distribute goods, build, and maintain assets, and manage service-focused operations. Within our single platform, our industry specific products are innately connected to a single data model and use embedded digital innovation so that our customers can be their best when it really matters to their customers - at the Moment of Service™. The industry expertise of our people and of our growing ecosystem, together with a commitment to deliver value at every single step, has made IFS a recognized leader and the most recommended supplier in our sector. Our team of over 6,000 employees every day live our values of agility, trustworthiness, and collaboration in how we support our 6,500+ customers. Learn more about how our enterprise software solutions can help your business today at ifs.com.