Accenture, Tata Consultancy Services (TCS), and Infosys have continued to up their brand value and dominance in the IT industry, according to the latest Brand Finance 2024 report. This is despite disruptions caused by newer technologies and a tepid growth environment. The three IT services giants topped the list of world’s most valuable IT services brands.
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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.
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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.
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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.
He emphasized the need for brands to adapt and differentiate themselves in the face of macroeconomic challenges and the growing demand for AI.
