Finance & Stock Market
The IT companies Accenture, TCS, and Infosys have higher brand values than Wipro.
By - 23 Jan 2024 05:08 PM
Despite a slow growth environment and disruption from newer technologies, IT services firms Accenture, Tata Consultancy Services (TCS), and Infosys managed to increase the value of their brands.
The Brand Finance 2024 report states that the three IT behemoths ranked highest on the charts of IT brands.
Accenture's $40.5 billion brand value, up 1.6% from the previous year, keeps it as the most valuable IT services brand in the world.Brand Finance research indicates that Accenture is well-positioned to seize the mega-trend—generative large language models—which is garnering a lot of attention and has the potential to completely transform industries and businesses.
The second-place finish went to homegrown IT heavyweight TCS, whose brand value increased by 11% to $19.2 billion. Among global IT majors, the incremental brand value increased to nearly $2 billion from $17.2 billion the previous year, making it the highest in absolute terms.
This was "driven by consistent investments in AI-readiness and a commitment to sustainability," according to a statement from TCS.
The only significant provider of IT services, Wipro, which is backed by billionaire businessman Azim Premji, saw its brand value decline by 7.6% annually to $6.2 billion. Over the past few years, Wipro has lagged behind as it struggles to turn the business around in a competitive market. Additionally, a number of departures have occurred, with about ten senior executives leaving in 2023.
