Despite global instability and the introduction of new technologies that disrupt business paradigms, IT service providers have continued to increase their brand value. The Brand Finance 2024 research ranks Accenture, Tata Consultancy Services (TCS), and Infosys as the top three IT brands. Accenture remains the world's most valuable IT services brand, with a brand worth of $40.5 billion. TCS, in second position, saw its brand worth climb by 11% to $19.2 billion.
TCS's growth has been largely driven by constant brand and marketing expenditure. The company's sponsorship of Formula E, notably its connection with Jaguar, has not only boosted TCS's exposure among important audiences, but has also acted as a demonstration for its skills, increasing its reputation and consideration, according to the Brand Finance report.
Infosys, which ranked third, has established itself as a major IT services brand, with the fastest compound annual growth rate (CAGR) in brand value over the last five years among IT services companies. The company's brand worth increased by 9.3% to $14.2 billion this year. Under the leadership of CEO Salil Parekh, who was recently named the number one CEO in the IT services industry by the Brand Finance Brand Guardianship Index 2024, Infosys has continuously produced significant brand value growth in fast changing and tough market conditions.
Lorenzo Coruzzi, Valuation Director at Brand Finance, stated, "While IT services firms flourished during the pandemic's digital transformation boom, the current slowdown, caused by macroeconomic headwinds, inflation, and geopolitical tensions, is forcing them to reconsider their plans. Despite cautious short-term investing, the significant long-term demand for artificial intelligence provides an important opportunity for IT service businesses to adapt and differentiate themselves."
HCLTech has retained its ninth place. However, it is the fastest-growing brand in the top ten this year, with a brand value rise of 16%. The company's brand worth increased to $7.6 billion. Brand Finance's analysis also identified HCLTech's CEO as the 'top-ranked sustainability champion' in the IT Services sector.
