Accenture remains the world’s most valuable IT services brand, with a brand value of $40.5 billion, representing a 1.6% increase from the previous year, according to an ET report quoting Brand Finance 2024 report.The company is well-positioned to embrace the potential of newer technologies and reinvent businesses and industries.
TCS, a leading Indian IT company, secured the second spot with a remarkable 11% rise in its brand value, reaching $19.2 billion. In absolute figures, the increase in brand value was the most significant among global IT majors, rising almost $2 billion, compared to last year’s $17.2 billion. TCS attributed this growth to its investments in AI-readiness and commitment to sustainability.
World’s Top 10 Most Valuable IT Services Brands
However, Wipro, backed by Azim-Premji, witnessed a decline in brand value by 7.6% to $6.2 billion. The company has faced challenges in turning around its business and has seen several senior executives leaving in 2023.
David Haigh, CEO and Chairman of Brand Finance, praised TCS for its outstanding growth and market leadership. He highlighted TCS’ strategic excellence and consistent brand investment as factors contributing to its success.
Infosys, on the other hand, has maintained its position as the fastest-growing IT services brand over the past five years and maintained its third spot on the ranking. With a brand value of $14.2 billion, Infosys ranks 145th among the world’s most valuable brands. Salil Parekh, CEO of Infosys, was recognized as the number one IT Services CEO for 2024.
HCLTech, the third-largest Indian IT firm, experienced the fastest growth, with a 16% increase, retaining its eighth position this year. The valuation reached $6.5 billion, marking a year-on-year rise of $1 billion.
Lorenzo Coruzzi, valuation director at Brand Finance, said that while IT services brands flourished amid the digital transformation boom sparked by the pandemic, the current slowdown, attributed to macroeconomic challenges, inflation, and geopolitical tensions, is prompting a reconsideration of their strategies.
Read From ET |Brand Value of IT firms
He emphasized the need for brands to adapt and differentiate themselves in the face of macroeconomic challenges and the growing demand for AI.
IT services firms Accenture, Tata Consultancy Services (TCS) and Infosys continued to boost their brand value despite tepid growth environment and the disruption owing to newer technologies.
The three IT giants topped the charts of IT brands according to the Brand Finance 2024 report.
Accenture maintained its position as the world’s most valuable IT services brand, with a brand value of $40.5 billion, up 1.6% from last year.
Meanwhile, billionaire businessman Azim-Premji-backed Wipro was the only IT services major to have witnessed an erosion 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.
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“TCS has shown outstanding growth, increasing its brand value by more than anyone else in its industry. This achievement reflects their commitment to innovation and market leadership. The improvement in their Brand Strength Index from 82 to 84, while retaining their AAA- brand rating, highlights TCS’ strategic excellence. As one of the world’s most valuable IT services brands, TCS is a clear brand leader in the industry, demonstrating the power of consistent brand investment and strength,” said, David Haigh, CEO and chairman, Brand Finance.
Continuing to maintain its third sport for the third consecutive year, Infosys has been the fastest-growing growing IT services brand over the last five years, with Salil Parekh named as the number one IT Services CEO for 2024, the report said.
Infosys’ brand value more than doubled in the last five years, and at USD 14.2 billion in 2024, ranked 145th most valuable brand in the world.
Third-largest Indian IT firm HCLTech grew the fastest with 16 per cent rise maintaining its eighth position this year valued at USD 6.5 billion, up by USD 1 billion y-o-y similar to Infosys.
TCS has made significant investments over the past decades to expand the global footprint of its brand. These include strengthening its presence at major industry and business forums, in digital channels and social media, boosting its leadership status in Industry analyst reports, its voice in thought leadership and a series of other actions.
“Over the past decades, we have made a concerted effort to make the TCS brand more global using a range of strategic marketing actions, which is being reflected in this brand performance. I would like to thank all my colleagues, who build and enhance our brand through their daily efforts. Embracing the Tata Group‘s larger vision, we are deploying the full power of our brand platforms to not only shape a more sustainable future but also strategically position our brand as a leader in Artificial Intelligence and other emerging technology fronts.” Said Abhinav Kumar, chief marketing officer at Tata Consultancy Services.
Below is the list of top ten IT services brands as ranked in 2024 Global 500 IT Services Ranking by Brand Finance.
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