IT service providers from India have seen their brand value skyrocket in the past two years, thanks largely to the red hot demand for digital transformation services in the global marketplace.
Brand values in the Indian IT scene have increased by an average of 51% since 2020, while US brands have on average contracted by 7%, according to the Top 25 IT Services Index prepared by Brand Finance.
Mumbai-based TCS is now the world’s second most valued IT provider after Accenture. Another India-based provider, Infosys, has overtaken IBM to be ranked third on the index.
“Infosys is a brand to watch,” said David Haigh, Chairman & CEO, Brand Finance, pointing to the company’s monumental 80% leap in brand value in the past two years.
Many IT providers from India have found a place in the ranking, including Tech Mahindra and L&T Infotech.
As many as six Indian brands feature among the top 10 fastest growing global IT providers, according to the report.
“IT services hubs within India have been expanding at a rapid pace and the country will continue to play a major role in developing infrastructure for artificial intelligence, data analytics, and internet of things,” the report added.
Despite the phenomenal growth of Indian firms, American IT providers still dominate the ranking. The US still accounts for most brand value in the ranking – 47 % compared to India’s 31%.
However, US dominance is largely represented by Accenture, whose brand value saw a staggering 43% growth in the past two years. EPAM Systems and Thoughtworks are the new entrants in the ranking.