Indian IT majors TCS, Infosys, HCLTech continue  to rise in brand value: Report

Amid global uncertainty and evolution of new technologies disrupting business models, Indian IT services players, such as Tata Consultancy Services (TCS), Infosys and HCL Technologies have continued to enhance their brand value, according to the 2024 Global 500 IT Services Ranking by Brand Finance report.

While globally Accenture has maintained its position as the world's most valuable IT services brand, with a brand value of $40.5 billion, Tata Consultancy Services (TCS) has been rated as the second most valuable IT services brand in the world saw an 11% increase in its brand value to $19.2 billion.

TCS’ brand value increased from $17.2 billion in 2023, showing a strong growth momentum. The incremental $2 billion growth is the highest absolute growth posted among the top 25 leading IT firms in the world. The technology major’s growth has been driven significantly by its consistent brand and marketing investment. The company's sponsorship of Formula E, particularly its partnership with Jaguar, has not only increased TCS's visibility among key audiences but also served as a showcase for its capabilities, thereby enhancing its reputation and consideration, the Brand Finance report highlighted.

Infosys, securing the third spot, has established itself as a leading IT services brand, achieving the fastest compound annual growth rate (CAGR) in brand value over the past five years among IT services brands. The company's brand value surged by 9.3 per cent to $14.2 billion this year. Under the leadership of CEO Salil Parekh, recently ranked as the number one CEO in the IT services sector according to the Brand Finance Brand Guardianship Index 2024, Infosys has consistently delivered strong brand value growth in rapidly evolving and challenging market conditions.

“We are delighted with this recognition and see it as another reinforcement of Infosys living its brand promise to help its stakeholders to navigate and thrive in an AI-first world,” said Sumit Virmani, Global Chief Marketing Officer, Infosys.

“The core purpose of our brand is to amplify human potential and create the next opportunity for everyone. With the evolution in the technology landscape, we remain committed to leveraging its shifting capabilities to move people, businesses and communities forward”.

HCLTech has maintained its eighth position. However, it is the fastest-growing brand in the top 10 this year, with a 16% increase in brand value. The company's brand value rose to $7.6 billion. The research also found HCLTech's CEO to be the 'top-ranked sustainability champion' in the IT Services sector.

Commenting on the update, Jill Kouri, Global CMO of HCLTech, said, "HCLTech’s business performance has surpassed the market across various key metrics. Our brand has been an important accelerator of this journey, helping reinforce our differentiation, further strengthen client and employee loyalty, showcase our abiding commitment to sustainability and CSR, and make it easier to connect with prospective clients in emerging markets. It is fulfilling to see our efforts recognised in the Brand Finance report.”

Meanwhile, IT firm Wipro witnessed a dip in brand value by 7.6% on a year-on-year basis to $6.2 billion. Wipro has been a laggard over the past few years struggling to turn around the business amid a challenging marco environment. It has also seen a slew of exits with around ten senior executives quitting in 2023.

Lorenzo Coruzzi, Valuation Director at Brand Finance, commented, "While IT services brands thrived during the digital transformation boom of the pandemic, the current slowdown, driven by macroeconomic headwinds, inflation, and geopolitical tensions, is leading them to rethink their strategies.”

“Despite cautious short-term spending, the substantial long-term demand for artificial intelligence presents a vital opportunity for IT services brands to adapt and differentiate themselves,” he said.