IFS, a leading technology provider specialising in enterprise cloud and industrial AI software, has been recognised as the fastest-growing vendor among the top ten companies in the IDC Worldwide Asset Life-Cycle Management (ALM) Applications Market Shares 2023 report.
According to the report, which examines the asset management sector formerly known as enterprise asset management (EAM), IFS achieved an impressive 23.1% growth rate in 2023, with revenues hitting $272 million. This remarkable performance not only places IFS as the fourth-largest ALM vendor globally but also highlights its substantial contribution to shaping the ALM market. In contrast, the global ALM market grew at a rate of 9.8% over the same period.
Jon Mortensen, Global CTO for Enterprise Asset Management at IFS, expressed his satisfaction with the accolade: “IDC’s recognition of IFS as the number one in growth among the top ten vendors and as a significant market shaper validates our strategic approach. Our sustained growth is driven by our unique blend of Industrial AI and deep industry expertise, which continues to meet and exceed customer expectations.”
Mortensen elaborated on the challenges faced in 2023, citing high interest rates, persistent inflation, and geopolitical uncertainties as factors that tested many enterprises. He attributed IFS’s success to its focus on addressing customer needs and investing in advanced asset lifecycle management capabilities. The recent intended acquisition of Copperleaf, a global leader in decision analytics solutions, is expected to further bolster IFS’s position in the market.
“We are poised to enter our next growth phase with a compelling AI-powered proposition and a well-developed partner ecosystem,” Mortensen added. “Our comprehensive asset lifecycle management solution stands out in the market, and this recognition by IDC underscores our commitment to innovation and customer satisfaction.”
The IDC report also noted that IFS commands a 5.5% share of the global ALM market, reinforcing its role as a key player in shaping industry trends. The company’s success is attributed to its strategic investments and its ability to leverage cutting-edge technologies to deliver robust and effective asset management solutions.
For more information on IFS’s Enterprise Asset Management solutions and their latest achievements, visit their website at IFS Cloud Enterprise Asset Management.