TCS third most popular IT services brand in the world: Brand Finance
Tata Consultancy Services (TCS) has been ranked the world’s third most valued IT services brand, after Accenture and IBM, according to a report by Brand Finance.
Four Indian IT services companies – TCS, Infosys, HCL and Wipro – ranked in the top 10 globally.
“The third-ranked TCS is rapidly closing the gap with IBM after a solid 11% increase in brand value to $15 billion,” the Brand Finance report said.
TCS has celebrated strong revenue growth as demand increases for its core transformation services and through completed deals – worth more than $6.8 billion in the fourth quarter of 2020 alone, it said. he added.
“With the brand benefiting from the long cycle of technology spending in its overseas markets and increased financial sector spending in the US and European markets as the road to recovery begins, TCS looks forward to the year ahead. coming will prove to be even more fruitful,” the report states.
Accenture retained the title of the world’s most valuable and strongest IT services brand with a record brand value of $26 billion, while IBM continued in second place with a brand value of 16.1. billions of dollars.
According to the report, “brand value” refers to the current value of revenues specifically related to brand reputation.
“With what has been a very challenging year 2020, led so ably by its CEO Rajesh Gopinathan, TCS has once again excelled. Along with a 10% growth in its brand, its market cap has also reached pole position in its industry and it is moving ever closer to the top two in the IT services industry rankings,” said David Haigh, CEO of Brand Finance.
Rajashree R, Chief Marketing Officer at TCS, said this recognition of the strength of the TCS brand is a stellar reaffirmation of the continued trust customers have placed in the company.
“We are proud and excited to embark on the next phase of our growth, building on our beliefs and harnessing the passion, dedication and strength of our 469,000 associates who are the true guardians of Brand TCS,” said he added.
The report notes that Infosys overtook Cognizant in fourth place, following a 19% increase in brand value to $8.4 billion. Cognizant suffered a 6% loss in brand value of $8 billion. The Bengaluru-based company has entered the “Big 4 of IT service brands in the world and makes it the fastest growing brand in the top 10”, he added.
“Even before the pandemic, Infosys management recognized the importance of focusing on its service offering, including data security and cloud services. This focus, coupled with key acquisitions to strengthen the brand’s end-to-end customer experience offerings, has propelled Infosys to a position where it consistently wins larger consulting, data management and cloud services projects.” , says the report.
HCL was in seventh place, while Wipro was ninth in the tally.
Tech Mahindra recorded 11% growth in brand value to $2.3 billion, lifting the brand to 15th place in this year’s rankings as it continues to work towards a accelerated growth by building on its healthy pipeline agreements and embracing new 5G opportunities, according to the report. .
“Being recognized as one of the fastest growing organizations in the world is a true testament to our collective spirit of resilience… At Tech Mahindra, we have taken on this challenge on a war footing to ensure business continuity and improve customer experience through innovative and purpose-driven initiatives, while delivering on our promise to deliver a ‘connected world and connected experiences’,” said Harshvendra Soin, Global Chief People Officer and Head of Marketing at Tech Mahindra.
LTI was named the fastest growing in the industry with a 37% growth in brand value to $982 million (ranked 21st) by the report.
“Over the past five years, LTI has consistently delivered double-digit year-over-year growth and shows no signs of slowing down. As a young brand, it is rapidly advancing in a highly competitive space and rapidly becoming one of the most exciting challenger brands in the industry,” he added.