Tata Consultancy Services (TCS) has been recognised as the fastest growing brand globally in the information technology services sector by Brand Finance, as the brand value of Indian IT bellwether shot 58 per cent this fiscal (2013-14) to $8.2 billion from $5.2 billion in the last fiscal.
The company also gained recognition as world's fastest growing global IT services brand to boot, IANS reported.
London-based brand valuation firm Brand Finance said, the brand value of TCS rose faster than its global peers IBM, HP and Accenture. While IBM's brand value increased 10 per cent year-on-year (YoY) to $41.5 billion from $37.7 billion that of HP rose 23 per cent YoY to $19.8 billion from $16.1 billion and Accenture 22 per cent YoY to $11 billion from $9 billion.
"The record growth represents a quadrupling of our brand value from $2.3 billion in 2010 and we rank among the industry's top four brands for the second consecutive year," the Mumbai-based company said in a statement yesterday.
The company has also been awarded the rating of AA+, which is a top rating in the industry.
According to N Chandrasekaran, chief executive, TCS, calendar year 2013 was excellent for the company, as it clocked rapid business growth, driven by global demand for digital services and its reputation for industry-leading delivery and execution.
The $11.6-billion global software major has built up a reputation for delivery of industry-leading IT services and digital transformation projects across sectors and markets.
Brand Finance, a leading brand valuation firm, assesses the dollar value of the reputation, image and intellectual property of the world's leading companies.
"The annual report ranks TCS as the fastest growing brand within the IT services sector, with the company's overall brand value increasing by $3.04 billion in 2013, a growth rate of 58 per cent year-on-year," TCS said in a statement.
The development represents a quadrupling of the IT major's brand value, which stood at $2.3 billion four years ago in 2010, TCS added.
The company's current brand value at $8.2 billion, ranks it among the global IT industry's top four brands for the second consecutive year.