IFS has once again been recognised by Gartner as the market leader for Enterprise Asset Management (EAM) software, marking the third consecutive year the company has retained the top spot. According to Gartner's recent "Market Share: All Software Markets, Worldwide, 2023" report, IFS holds a market share of 20.3%, generating revenues of US$452 million and witnessing a year-over-year growth of 36.4% from 2022 to 2023.
The Gartner report offers insights into global enterprise software spending and trends across various software markets, highlighting the continued growth in EAM demand. The report indicates that worldwide enterprise software spending rose by 11.1% from US$708.0 billion in 2022 to US$786.4 billion in 2023. Key markets such as customer experience and relationship management (CRM), database management systems (DBMS), and security remain dominant, while analytic platforms and networking software have emerged as the fastest-growing sectors.
IFS offers two distinct EAM solutions: IFS Cloud EAM and IFS Ultimo EAM. IFS Cloud EAM is positioned as a comprehensive solution incorporating IFS.ai capabilities, aimed at meeting the complex demands of asset-intensive environments. This platform integrates EAM with Enterprise Resource Planning (ERP) and Service Management functionalities, facilitating the automation of asset management, optimising performance, and supporting Environmental, Social, and Governance (ESG) goals. The solution targets industries such as Energy and Utilities, Construction and Engineering, Manufacturing, Services, Aerospace and Defence, and Telecoms.
IFS Ultimo EAM is designed for organisations managing both industrial and fleet assets, offering a fully integrated environment, health, safety (EHS), and operations suite. This solution is built with industry-specific functionalities for sectors like manufacturing, logistics, and healthcare, providing robust planning, monitoring, optimisation, and maintenance execution capabilities while automating workflows.
Kevin Price, the Global Head of Enterprise Asset Management at IFS, expressed pride in maintaining the top ranking. "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 stated.
Price further highlighted the company's customer-centric approach and industry-specific solutions. "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 modernise 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," he said.
