Accenture, Tata Consultancy Services (TCS), and Infosys have increased their brand value and dominance in the IT market, according to the most recent Brand Finance 2024 research. This is despite interruptions from newer technologies and a sluggish development environment. The three IT services behemoths dominated the list of the world's most valuable IT service brands.
Accenture remains the world's most valuable IT services brand, with a brand value of $40.5 billion, up 1.6% from the previous year, according to an ET story citing the Brand Finance 2024 report. The corporation is well-positioned to take advantage of modern technology and revolutionize enterprises and sectors.
TCS, a leading Indian IT business, came in second place with an impressive 11% increase in brand value, reaching $19.2 billion. In absolute terms, the global IT majors' brand worth increased the greatest, by about $2 billion, compared to $17.2 billion the previous year. TCS credited its rise to investments in AI readiness and a dedication to sustainability.
However, Wipro, supported by Azim-Premji, saw its brand value fall 7.6% to $6.2 billion. The corporation has had difficulty in turning around its business, with several senior leaders departing in 2023.
David Haigh, CEO and Chairman of Brand Finance, congratulated TCS on its exceptional growth and market leadership. He cited TCS' strategic competence and persistent brand investment as key contributors to its success.
Infosys, on the other hand, has remained the fastest-growing IT services brand for the previous five years and is ranked third. With a brand value of $14.2 billion, Infosys is 145th among the world's most valuable brands. Salil Parekh, CEO of Infosys, was named the top IT Services CEO for 2024.
HCLTech, India's third-largest IT firm, saw the biggest growth, with a 16% gain, maintaining its eighth position this year. The valuation hit $6.5 billion, up $1 billion from the previous year.
According to Lorenzo Coruzzi, valuation director at Brand Finance, while IT services brands thrived during the pandemic's digital transformation boom, the current slowdown, caused by macroeconomic challenges, inflation, and geopolitical tensions, is forcing them to reconsider their strategies.
He emphasized the importance of brands adapting and differentiating themselves in the face of macroeconomic challenges and increasing demand for artificial intelligence.
