Following TCS and Infosys (third spot), there are four more Indian brands now firmly established among the global elite - Wipro (7th), HCL (8th), Tech Mahindra (15th) and LTI (22nd).
Tata Consultancy Services (TCS) has become the second most valuable brand in the IT services sector globally, while Infosys and four other Indian tech majors have firmly established their position among the top 25 IT services brands tally, according to Brand Finance.
Following TCS and Infosys (third spot), there are four more Indian brands now firmly established among the global elite - Wipro (7th), HCL (8th), Tech Mahindra (15th) and LTI (22nd), as per the Brand Finance IT Services 25 2022 report.
All six Indian brands feature among the top 10 fastest-growing IT Services brands over the course of 2020-2022, the brand valuation firm added.
Accenture retained the title of the world's most valuable and strongest IT services brand, boasting a record brand value of $36.2 billion, as per the report.
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 has facilitated the 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 the Internet of Things (IoT), it added.
The report said as IBM has gone down to the fourth rank, TCS has risen up to the second spot in the 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 USD 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.
"This great achievement is the result of strong financial growth, strong and continued investments in a new global brand positioning last year... 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," David Haigh, CEO and Chairman of Brand Finance, said.
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.
Infosys, at the third spot, emerged as the fastest-growing IT services brand globally following 52 per cent brand value growth since last year and 80 per cent since 2020 to $12.8 billion.
Over the past two years of the Covid-19 pandemic, the change is even more impressive with the brand recording an 80 per cent gain, the report said.
Strong business results can be attributed to the brand's ability to credibly adapt its offering to the fast-evolving needs of today's economy as well as to its continued investment into innovative solutions that help clients securely accelerate their journey to the cloud, report noted.
Infosys has also continued to build brand recognition globally by nurturing sports collaborations with ATP, Roland Garros, and the Australian Open, while also forging new ones with Madison Square Garden and media-heavyweights – The Economist, Financial Times, Bloomberg, it added.
While digital transformation accelerated during the Covid-19 pandemic, Wipro's performance demonstrated strong revenues and growth in brand value, the report said, adding that the Bengaluru-based conglomerate has a brand value of $6.3 billion with an increase of 48 per cent since the previous year.
HCL - which has signed 58 projects across various sectors, including telecommunications, life sciences, manufacturing and technology - saw 10 per cent growth in brand value over the past year to $6.1 billion. The brand announced that its revenue grew by 2.4 per cent y-o-y to a total of $10.2 billion, the report stated.
Tech Mahindra had a brand value growth of 45 per cent over the last two years to $3 billion. The growth is a result of focussed brand building efforts, the report said, adding that it was also the only Indian organisation to receive the Terra Carta Seal by the Prince of Wales for its commitment to creating a sustainable future.
"By implementing projects that lay equal emphasis on people, planet, and profits, the organisation has been recognised for its social impact. Additionally, the business focus on digitalisation, cloud transformation, telecommunications, and other key digital requirements has consistently strengthened Tech Mahindra's brand positioning," it said.