“Third-ranked TCS is rapidly closing the gap with IBM following a healthy 11% brand value increase to $15 billion,” the Brand Finance ‘IT Services 25 2021’ report stated. TCS has celebrated strong revenue growth as demand grows for its core transformation services, and by winning deals worth over $6.8 billion in the fourth quarter of 2020.
“With the brand benefitting from long cycle of technology spending in its overseas markets, and the increase in spending from the financial sector in the US and European markets as the road to recovery begins, TCS will be hoping the coming year will prove even more fruitful,” the report said.
Accenture retained the title of world’s most valuable and strongest IT services brand with a record brand value of $26 billion, while IBM continued at the second place with brand value of $16.1 billion.
The report said ‘Brand Value’ refers to the present value of earnings, specifically related to brand reputation.
“With what was a very tough 2020, led so ably by its CEO Rajesh Gopinathan, TCS has excelled itself once again. Along with 10% growth in its brand, its market cap also hit pole position in its industry — and it is increasingly closing in on the top two in the IT services sector table,” Brand Finance CEO David Haigh said.
Rajashree R, chief marketing officer at TCS, said that this recognition of TCS’ brand strength is a stellar reaffirmation of the continued trust that customers have placed in the company. “We are proud and excited to embark on the next phase of our growth, building on our beliefs, and harnessing the passion, dedication and strength of our 469,000 associates who are the true custodians of Brand TCS,” he added.