BENGALURU: Indian IT services companies Tata Consultancy Services and Infosys have surpassed the US competitors in brand value, as they have taken the No 2 and No 3 spots, respectively, in the brand valuation firm Brand Finance’s annual report.
Accenture has retained the most valuable brand title for the fourth consecutive year with its brand value increasing by 39% over the past year to $36.2 billion.
According to the Brand Finance 2022 Global 500 IT Services Ranking report, TCS grew its brand value by $1.844 billion (12.5%) to $16.786 billion over the last 12 months. This growth is attributed to the company’s investments in its brand and its employees, customer equity, and strong financial performance.
Both TCS and Infosys have beaten IBM to take the second and third spot, respectively. IBM’s brand value drops out of the top 3 and now stands at $10.6 billion with a 34% decrease from the previous year and a 50% drop overall since 2020.
According to the report, the brand value of IBM has fallen significantly after the divestment of Kyndryl. The sale caused a loss of over $19 billion in revenue.
“This great achievement is the result of strong financial growth, strong and continued investments in a new global brand positioning last year, further investment in the sponsorship of marathon events, but also new sports such as the move into Formula-E,” said David Haigh, Chairman, and CEO, Brand Finance.
Also, IT major Infosys has seen the fastest increase in brand value from among all brands in the ranking this year. Following 52% growth to $12.8 billion, the brand has recorded an 80% gain.
The company has made strategic investments in several digital and brand collaborations. Apart from TCS and Infosys, Wipro (7th), HCL (8th), Tech Mahindra (15th), and LTI (22nd) have also established themselves among the global elite.