IFS ranked #1 for EAM market share in the 2024 Gartner Market Share

All Software Markets, Worldwide, 2023 report for third consecutive year

IFS ranked in the Gartner Market Share: All Software Markets, Worldwide, 2023 report

LONDON, May 22, 2024 /PRNewswire/ -- 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."