Tata Consultancy Services and Infosys have overtaken US titan IBM to give India two of the world’s top three IT services brands.
That’s according to Brand Finance’s annual ranking of IT services companies, which shows IBM slipping into fourth place from second a year earlier. Accenture remains in the top slot.
TCS’s brand value increased 12.5% to $16.786 billion in the 2022 ranking as it surged into second place, while Infosys saw its brand value surge 52% to $12.8 billion to secure third place, Brand Finance said.
India’s outperformance is reflected in the overall ranking, too. It has four companies ranked in the top 10, and six in the top 25. Aside from TCS and Infosys, the Indian players in the top 25 are Wipro at 7th, HCL 8th, Tech Mahindra 15th, and LTI 22nd.
“The average growth of Indian brands that have appeared in the Brand Finance IT Services 25 2022 ranking since 2020 is an impressive 51%, while the US brands have on average contracted by -7%,’’ chairman and CEO David Haigh said.
IBM Plunges
IBM, on the other hand, saw its brand value plunge by $5.4 billion to $10.6 billion. The divestment of IBM’s Kyndry, an advisory and implementation services practice, caused a loss of over $19 billion in revenue and was the primary reason for IBM’s slide, Brand Finance said.
Despite the success of Indian companies, Ireland-headquartered IT firm Accenture remains the world’s most valuable IT services brand. Accenture widened the gap between it and the second-placed competitor as its brand value surged almost $10.2 billion to $36.2 billion.
Infosys recorded the fastest increase in brand value among all brands in the ranking. It boosted brand recognition globally by nurturing tennis collaborations with ATP, Roland Garros and the Australian Open, as well as new arrangements with Madison Square Garden, The Economist, Financial Times and Bloomberg, Brand Finance said.
“Infosys is a brand to watch and one that can be expected to see continued brand value growth in the years to come,’’ Haigh said.
Tata’s rise to the No. 2 slot was helped by its sponsorship of marathons in New York, Toronto, London and Amsterdam, Brand Finance said.
It is also getting a boost from its move into Formula E, a championship for electric vehicles only. Tata will be the title sponsor of the Jaguar Formula E team, Brand Finance said.
- By Indrajit Basu, with graphic by Richa Gandhi.
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