While outpacing HDFC Bank, the IT major, Tata Consultancy Services has more than doubled its brand value to $45.5 billion in 2022.
This way, the software service provider has claimed the top spot as the country’s most valuable brand, as revealed by the Kantar BrandZ India ranking.
Kantar BrandZ India Ranking
During this time, the value of this brand jumped to 212%.
Meanwhile, HDFC, who occupied the pole position for the past six years, rose 62% to $32.7 billion.
This study covers more than 19250 different brands in over 51 markets and gets consumer insights from 4.1 million consumers around the world.
Moving ahead, the third position is occupied by Infosys which rose by more than five-fold at $29.2 billion and became the third most valuable brand in the country.
Followed by Airtel and Asian Paints at $17.4 billion and 15.3 billion each.
Tech Brands Dominated The Ranking
Next comes the Tech brands, who have dominated the ranking both in India as well as globally including brand names like Apple, Google, Amazon, Microsoft and Tencent dominating the world’s most valuable brand ranking.
The executive managing director- South Asia, Insights Division, Kantar, Deepender Rana said, “Tech and IT companies really benefited from covid in terms of growth as clients are now looking at having more of their data and infrastructure to the cloud, are much more concerned about data securitization security than before, investing in AI, and also the increasing emergence of service as a software. And these Indian companies truly provide them at a global scale,”.
Outpaced Rate Of Growth
Numbers indicate that tech companies account for nearly a third or 32% of the top 75 brands in India, ahead of China that has 30% share of tech firms.
The other interesting fact is that the growth rate of the Kantar BrandZ top 75 most valuable Indian brands far outpaced the rate of growth being posted in other major markets around the world.
When it comes to India, its top 75 brands increased 35% to $393 billion, or nearly 11% of the country’s gross domestic product.
In the meantime, the value of global top 100 brands rose 23% to $8.7 trillion, nearly 9% of world’s GDP.
This study included 14 newcomers, from 11 categories including brand names like online gaming firm Dream 11, edtech company Byju’s and beauty retailer Nykaa.
Rana said, “The challenge now is to sustain momentum as inflation bites worldwide and consumers and businesses adjust to the new normal. Brand owners will need to work harder to identify and build on what makes them worth paying for and ensure ROI on their marketing expenditure to avoid a margin squeeze,”.
Image Source – https://economictimes.indiatimes.com