Tata Consultancy Services (TCS) has become the world’s second most valuable company in the IT services sector, while Infosys (third place), and four other Indian tech giants have secured their place among the top 25 IT services brands, according to the Brand Finance 2022 Global 500 report.
The four Indian IT giants that have firmly cemented themselves among the global elite include Wipro (7th), HCL (8th), Tech Mahindra (15th), and Larsen & Toubro Infotech (22nd). Over the span of 2020-2022, all six Indian brands are among the top ten fastest-growing IT Services brands, as per the brand valuation firm. Ireland-based Accenture maintained the title of the world’s most valuable and powerful IT services brand, with a record brand value of $36.2 billion, the report added.
Tata Consultancy Services (TCS), with a market capitalization of $16.8 billion, climbed to second place thanks to strong business outcomes and effective partnerships. TCS’s brand value increased by $1.844 billion (12.5 percent) to $16.786 billion in the last year, according to the Brand Finance report. This growth may be credited to the company’s investments in its brand and workforce, as well as its stable financial performance and customer equity.
Rajashree, Chief Marketing Officer of TCS in a statement said: “The ranking is a validation of our increased market relevance and focuses on innovation and transformation of our clients, their customers, and the larger community. Our new brand positioning ‘Building on belief’ captures our aspirations and convictions. Our ‘customer-centric focused’ strategy and focus on research and innovation over the last decade positions us to capitalize on upcoming opportunities.”
Similarly, Infosys invested strategically in a number of digital and brand partnerships. This includes Infosys’ Signature Marketing Partnership with Madison Square Garden, which makes Infosys the Official Digital Innovation Partner of key MSG properties which includes the New York Knicks, New York Rangers, and Madison Square Garden Arena.
Furthermore, the second-largest Indian IT company has partnerships with the Roland Garros, ATP, and the Australian Open, as well as new ones with Bloomberg Media, The Economist, and Financial Times. “Our clients have rapidly scaled their digital adoption in the last two years and have reposed tremendous trust and confidence in our ability to help them transform,” said Salil Parekh, CEO of Infosys.
Wipro recorded a brand value of $6.3 billion, a 48 percent raise over the previous year. Over the last year, HCL’s brand value increased by 10 percent to $6.1 billion. Tech Mahindra, on the other hand, experienced a brand value growth of 45 percent over the last two years to $3.0 billion, making it the seventh most valuable IT brand. Larsen & Toubro Infotech’s brand value has climbed by an astonishing 83 percent to $1.1 billion since 2020. The Indian multinational expanded modestly as well, with excellent growth in their Brand Strength Index (BSI), indicating a prospective long-term growth in 2022.
— Brand Finance (@BrandFinance) January 26, 2022
IBM has risen to fourth place. IBM’s brand value is now $10.6 billion, a 34 percent fall from the previous year and a 50 percent drop altogether since 2020. Following the divestment of Kyndryl, the brand value of the US-based multinational IBM has plummeted drastically. The sale resulted in a revenue loss of more than $19 billion, lowering IBM’s brand value.
The report further said that between 2020 and 2022, Indian IT services companies expanded by 51 percent, while American brands decreased by 7 percent. This development reflects the increased demand and revenue growth recorded by these companies after the pandemic as a result of unprecedented global demand for digital transformation solutions.