TCS, Infosys rank second & third in Brand Finance 2022 Global 500 report
Tata Consultancy Services Ltd (TCS) and Infosys were ranked as second and third in the international brand chart for IT companies in the current year. TCS beat IBM to secure the second spot after Accenture.
World’s leading brand valuation firm Brand Finance 2022 said that the IT consulting firm Accenture continues as the most valuable and strongest IT services brand, followed by TCS becoming the second most valued brand in IT services worldwide.
IT services companies from India have outpaced their competitors from the United States in brand value growth over the past two years of digital transformation in the global economy, accelerated by the COVID-19 pandemic, according to the report published on Wednesday.
The average growth of Indian brands that have appeared in the Brand Finance IT Services 25 2022 ranking since 2020 is an impressive 51 per cent, while the US brands have on average contracted by -7 per cent.
In 2021, TCS, India’s largest software exporter, was ranked third after IBM.
According to the Brand Finance 2022 Global 500 report, Infosys grabbed the third spot as it emerged as the fastest growing IT services brand globally, following 52 per cent value growth from last year and 80 per cent since 2020 to $12.8 billion.
As per the report, TCS grew its brand value by $1.844 billion (12.5 per cent) 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.
Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes nearly 100 reports, ranking brands across all sectors and countries. The world’s top 25 most valuable and strongest IT services brands are included in the annual Brand Finance IT Services 25 2022.
“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,” said the report.
“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),” the report stated.
Although the majority of the US brands in the Brand Finance IT Services 25 2022 ranking have recorded low or negative growth over the past two years, not all is doom and gloom.
The US still accounts for most brand value in the ranking – 47 per cent compared to India’s 31 per cent. Accenture remains the top brand bucking the national trend with 43 per cent brand value growth over the past two years, and the US has seen two new entrants this year to the top 25.
“Despite the global pandemic and its inevitable impact on businesses, the IT services and technology sector has proven that it is equipped to perform with successful results,” said Brand Finance valuation director Savio D’Souza.
“TCS has not only successfully managed the challenges posed by the COVID-19 pandemic to continue developing its business operations around the world, but also maintained momentum with brand partnerships and sports sponsorships,” said the report.
Apart from actively sponsoring marathons across the globe in New York, Toronto, London, and Amsterdam, TCS will be the title sponsor of Jaguar Formula E team, which is a championship using electric vehicles exclusively.
The partnership between Jaguar and TCS involves research and data analytics around automotive engineering and sustainable energy with an aim for low carbon emissions.