Remarkable 23% growth make IFS Cloud Enterprise Asset Management a dominant force in the asset lifecycle management market

LONDON, Sept. 10, 2024 /PRNewswire/ -- IFS, the leading technology provider of enterprise cloud and industrial AI software, has been named the fastest-growing vendor among the top 10 companies in the IDC Worldwide Asset Life-Cycle Management Applications Market Shares 2023 report.

In its detailed assessment of the ALM market (formerly enterprise asset management, or EAM), IDC reports that IFS had among the highest 2023 growth rate, at 23.1.% for revenue of $272 million.

Ranked as the fourth largest ALM vendor overall, IFS stands out in the report for far outpacing global ALM revenue growth of 9.8% in 2023. With a 5.5% share of the global market, IFS is also named as one of the vendors that shaped the market in 2023.

Jon Mortensen, Global CTO, Enterprise Asset Management, IFS, said: "IDC's positioning of IFS as the #1 in growth among the top 10 vendors and a significant shaper of the ALM market confirms we are doing all the right things for our customers. We have achieved remarkable, sustained growth through differentiating ourselves with Industrial AI-fueled, deep industry expertise while continuing to deliver high levels of customer satisfaction.

"2023 was not a straightforward year for many enterprises with high interest rates and stubborn inflation along with political and supply chain volatility. Success has come from focusing on customer needs and investing in our advanced asset lifecycle management capabilities to meet them. With the recently announced intended acquisition of Copperleaf, a global leader in decision analytics solutions, we are now even more strongly positioned to embark on our next growth phase. We have a unique and compelling AI-powered proposition and a highly developed partner ecosystem, resulting in the most complete asset lifecycle management solution on the market."

Learn more about IFS Cloud Enterprise Asset Management (EAM) solution visit:

About IFS

IFS is the world's leading provider of Industrial AI and enterprise software for hardcore businesses that make, service, and power our planet. Our technology enables businesses which manufacture goods, maintain complex assets, and manage service-focused operations to unlock the transformative power of Industrial AI to enhance productivity, efficiency, and sustainability.

IFS Cloud is a fully composable AI-powered platform, designed for ultimate flexibility and adaptability to our customers' specific requirements and business evolution. It spans the needs of Enterprise Resource Planning (ERP), Enterprise Asset Management (EAM), Supply Chain Management (SCM), Information Technology Service Management (ITSM), and Field Service Management (FSM). IFS technology leverages AI, machine learning, real-time data and analytics to empower our customers to make informed strategic decisions and excel at their Moment of Service.

IFS was founded in 1983 by five university friends who pitched a tent outside our first customer's site to ensure they would be available 24/7 and the needs of the customer would come first. Since then, IFS has grown into a global leader with over 6,500 employees in 80 countries. Driven by those foundational values of agility, customer-centricity, and trust, IFS is recognized worldwide for delivering value and supporting strategic transformations. We are the most recommended supplier in our sector. Visit ifs.com to learn why.

Contact information
EUROPE / MEA / APJ: Adam Gillbe
IFS, Director of Corporate & Executive Communications
Email: [email protected]
Phone: +44 7775 114 856
NORTH AMERICA / LATAM: Mairi Morgan
IFS, Director of Corporate & Executive Communications
Email: [email protected]
Phone: +44 7918 607 299

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SOURCE IFS