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IT Services brands grow in value in
wake of post-pandemic reinventions
- Accenture is most valuable and strongest IT services brand, valued at US$39.9 billion
- TCS and Infosys grow brand value by 2% to consolidate top three IT services brands
- HCLTech brand value up 7%; recent brand transformation to help strengthen the brand in the near term.
- Tech Mahindra jumps four places to Rank 11; up 66% since the beginning of the pandemic
- LTIMindtree is the fastest-growing brand, up 74.8% following successful merger
- Cyber risks underscore need for high-trust IT services
View the full Brand Finance IT Services 2023 report here
Accenture is most valuable and strongest IT services brand, valued at US$39.9 billion
Accenture (brand value up 10% to US$39.9 billion) retains its position as the most valuable IT services brand in the world for the fifth consecutive year, according to a new report from leading brand valuation consultancy, Brand Finance. The brand continues to innovate in the field of information technology services and consulting.
Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes nearly 100 reports, ranking brands across all sectors and countries. The world’s top 25 most valuable and strongest IT Services brands are included in the Brand Finance IT Services 25 2023 ranking.
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In addition to being the most valuable brand in the ranking, accenture is also the strongest IT services brand in the ranking with an impressive Brand Strength Index (BSI) score of 87.8 out of 100 and a corresponding AAA brand rating. The professional services brand holds a strong position in the sector with expertise in digital, cloud and security. accenture is building a strong digital ecosystem by forming and nurturing several strategic partnerships with established brands including Google Cloud, Microsoft and Meta.
Lorenzo Coruzzi, Associate Director, Brand Finance commented:
“The most valuable IT services brands in the ranking have achieved significant growth in brand value during the pandemic as IT and related services had high demand as organisations prioritised digital transformation. IT services brands are now facing weakening demands and an overall cautious outlook as macroeconomic headwinds, rising inflation and geopolitical tensions make companies rethink their spending priorities on technology in the short term but in the longer term, there is substantial demand to move away from legacy technology which is the silver lining for IT services brands.”
TCS and Infosys grow brand value by 2% to consolidate top three IT services brands
TCS (brand value up 2% to US$17.2 billion) is the second most valuable IT services brand in the ranking. This year, TCS delivered many tailored transformation programs as clients migrated to various hybrid working methods.
Indian IT services brand Infosys (brand value up 2% to US$13.0 billion) has consolidated its position amongst the top three most valuable IT services brands globally, with a high brand strength rating of AAA- complementing its brand value.
HCLTech brand value up 7%; recent brand transformation to help strengthen the brand in the near term
HCLTech (brand value up 7% to US$6.5 billion) has recently rebranded from HCL Technologies with its new positioning that focusses on “Supercharging Progress”. The new logo and visual identity aim to reflect the brand’s new purpose and employee value proposition: As a result, HCLTech is seeking to change perceptions and build awareness as a digital partner of choice for global enterprises through its differentiated services and products, as well as become an employer of choice for top talent.
The new purpose also highlights HCLTech’s responsibility and commitment toward inclusive growth in communities where they operate and the central role they want to play by creating a sustainable planet for the generations to come. HCLTech’s brand valuation rise is the highest among the four major India-based technology firms that placed in the top 10 IT Services category.
Tech Mahindra jumps four places to Rank 11, fastest growing in brand value rank in global top 25
Tech Mahindra (brand value up 15% to US$3.5 billion) is one of the fastest-growing brands in the Brand Finance IT Services 25 2023 ranking, improving its ranking by four positions this year, from 15th to 11th – a bigger jump in ranking than any other brand. Its brand value has increased by approximately 66% since the beginning of the pandemic.
The company is well positioned to further integrate sustainability with digital transformation, reflected by its strong performance in this year’s ranking. The brand has “an intentionally diverse and globally inclusive workforce,” and has been amongst the few Indian companies to be included consecutively in Bloomberg’s Gender-Equality Index (GEI).
LTIMindtree is the fastest-growing brand, up 74.8% following successful merger
LTIMindtree (brand value up 75% to US$1.9 billion) is the fastest-growing IT services brand after successfully completing a merger between L&T Infotech and Mindtree in 2022. This merger will allow further investment in technologies and talent, helping LTIMindtree to become a major player in the industry and continue to build on its brand value and strength.
Cyber risks underscore need for high-trust IT services
In addition to releasing the IT Services 25 2023 report valuing the world’s leading IT Services brand, Brand Finance also released the Global 500 2023 report, valuing the world’s 500 most valuable and strongest brands across all sectors of the economy.
Brand Finance estimates that the brand value at risk for brands in the Global 500 ranking is up to 20% of their brand value, representing up to US$1.6 trillion in brand value. Australian telecommunications brand Optus lost almost a third of its brand value this year, at a total cost of almost US$800 million in brand value, in connection with the cyber breach it suffered in September 2022. Increasingly, high-trust IT services are essential for mitigating the risk of cyber-attacks and protecting brand value.
