India’s tech titan Tata Consultancy Services (TCS) is now the third highest valued Information Technology (IT) services brand globally, right behind Accenture and IBM, states a new report released by Brand Finance for the year 2018-19, reports The Economic Times.
Companies from India have clinched four spots in the global top 10 tally, Infosys, HCL and Wipro being the other three.
The number one position has gone to Accenture, whose brand is valued at $26.3 billion. IBM held the first rank last year but has now slipped to the second position with its brand value estimated at $20.4 billion.
"Holding steady in third place is India's largest IT services conglomerate, TCS, up 23 per cent to USD 12.8 billion, with a value bolstered by the brand's disciplined focus on the market's increased demand for digital services," the report states.
The report also lauded TCS for being the first Indian IT services brand to encounter success in Japan. The company’s superior overall customer experience and bringing into play artificial intelligence and robotic automation were cited as reasons for its growth.
Wipro was praised for its investments in digital transformation capabilities and niche acquisitions, which contributed to it being the third fastest-growing brand in the category. This is the first time Wipro has managed to crack the top 10.
The fourth position went to American company Cognizant, which although headquartered in the US, maintains a large employee presence across India.
Brand Finance Chief Executive Officer David Haigh spoke highly of India as an emerging IT hub, stating, "There is a reason why Bangalore is known as the Silicon Valley of India. As more IT services brands ramp up their outsourcing outposts across the country, it is the skilled workforce, world class facilities and infrastructure that makes India such an attractive location and ultimately a global powerhouse."