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 increasing by 1.6% from last year.
With generative large language models obtaining a lot of attention now, Brand Finance research suggests that Accenture is well poised to embrace the mega-trend that offers the possibility of reinventing businesses and industries.
Homegrown IT bellwether TCS took the second spot with a 11% rise in its brand value to $19.2 billion. In absolute terms, the incremental brand value was the highest among global IT majors at nearly $2 billion, up from $17.2 billion last year.
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TCS said in a statement that this was “steered by steady investments in AI-readiness and a commitment to sustainability”.
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.
“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 5 years, with Salil Parekh named as number one IT Services CEO for 2024, the report said.
Infosys’ brand value more than doubled in the last 5 years, and at $14.2 billion in 2024, ranked 145th most valuable brand in the world.
Third-largest Indian IT firm HCLTech grew the fastest with 16% rise maintaining its eighth position this year valuing at $6.5 billion, up by $1 billion y-o-y similar to Infosys.
“While IT services brands thrived during the pandemic’s digital transformation boom, a current slowdown driven by macroeconomic headwinds, inflation, and geopolitical tensions has them rethinking their strategies,” Lorenzo Coruzzi, valuation director at Brand Finance, said in the statement.
“Despite cautious short-term spending, the substantial long-term demand for AI presents a crucial opportunity for IT services brands to adapt and differentiate themselves,” he added.
