The brand value of Accenture grew to $40.5 billion in 2024, while that of Tata Consultancy Services (TCS) reached $19.2 billion, as both the IT services giants continue to top Brand Finance IT Services 25 2024 list.
While Accenture’s growth was driven by its promising work in the generative AI mega trend, TCS added $2 billion on-year to its brand value through consistent brand and marketing investments. Some of its prominent sponsorships include Formula E, its partnership with Jaguar which gives TCS visibility on key audiences, building awareness and familiarity, but it also acts as a showcase for TCS capabilities, enhancing reputation and consideration.
Wipro was the only IT services major to have an erosion in brand value by 7.6 percent on a year-on-year basis. Apart from the company’s troubles with turning around the business in challenging marco environment, it also saw more than 10 of its top executives quit in 2023.
HCLTech grew the fastest at 16 percent on a year-on-year basis, among the top 10 companies. Its brand value stood at $6.5 billion. This jump came from significant sponsorship deals with sporting brands such as New York Giants and New York Jets.
According to the Brand Finance research, HCLTech chief executive C Vijayakumar also topped the category of becoming a sustainability champion in the IT services sector.
In a five-year period, Infosys grew the fastest, touching $14.2 billion in brand value. The company’s brand value grew 9.3 percent on a five-year compound annual growth rate (CAGR).
“Under the leadership of CEO Salil Parekh, who has recently ascended as the number one CEO in the IT services sector in the Brand Finance Brand Guardianship Index 2024, the company has consistently delivered strong brand value growth amid rapidly evolving and challenging market conditions,” the report said.
“While IT services brands thrived during the pandemic's digital transformation boom, a current slowdown driven by macroeconomic headwinds, inflation, and geopolitical tensions has them rethinking their strategies,” Lorenzo Coruzzi, valuation director at Brand Finance, said in a statement.
“Despite cautious short-term spending, the substantial long-term demand for AI presents a crucial opportunity for IT services brands to adapt and differentiate themselves,” he added.
Among countries, India topped the list bringing 32.57 percent brand value created, beating countries including Ireland, the US, Japan, France. India also has the second highest number of brands, right behind the US.
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