New Delhi: Tata Consultancy Services (TCS) has become the second most valuable brand in the global IT services sector, according to Brand Finance 2022 report.
Accenture continues to retain the title of world’s most valuable and strongest IT services brand, boasting record brand value of $36.2 billion, the report said.
Following TCS, Infosys is the third-largest global IT brand, with 52 per cent brand value growth since last year and 80 per cent since 2020 to $12.8 billion.
Apart from TCS and Infosys, there are four other Indian brands firmly established among the global elite club; Wipro (7th), HCL (8th), Tech Mahindra (15th), and LTI (22nd), according to Brand Finance.
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All six Indian brands feature among the top 10 fastest-growing IT Services brands over the course of 2020-2022, the brand valuation firm said.
According to PTI, Indian IT services brands made a leap with average growth from 2020 to 2022 at 51 per cent, compared to a seven per cent drop for brands from the US.
A global turn to remote working for professional services and an accelerated digitalisation trend across the global economy have facilitated expansion of IT services hubs within India.
With strong IT services brands and a large population of people with digital skills, India will continue to play a major role in developing infrastructure for artificial intelligence, data analytics and Internet of Things (IoT), it added.
The report said as IBM has gone down to fourth rank, TCS has risen up to second spot in ranking, following 12 per cent growth year-on-year and 24 per cent since 2020, to a brand value of $16.8 billion.
TCS, in a regulatory filing said, this growth is attributed to the company’s investments in its brand and its employees, customer equity and strong financial performance.
Strong revenue growth in 2021 saw TCS cross an important milestone, hitting $25 billion in revenue for the first time, with an industry-leading operating profit margin of over 25 per cent.
“TCS continues to rise up the IT services rankings to become the second most valuable brand in the sector for the first time. I also see TCS’ focused commitment to serving the needs of its employees, customers, and communities, which always in the long run drives brand performance,” said David Haigh, CEO and chairman of Brand Finance.
TCS CMO Rajashree R said the ranking is a landmark milestone for the company and a validation of its increased market relevance and focus on innovation and transformation of clients, their customers, and the larger community.
“With our differentiated ‘customer focused’ strategy, superior execution, investments in building newer capabilities, and sustained focus on research and innovation over the last decade, we are indeed well positioned to capitalise on the multi-year technology transformation opportunities that lie ahead,” Rajashree added.
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