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Amazon overtakes Apple to become the world’s most valuable tech brand, report
Amazon has overtaken Apple to become the world’s most valuable tech brand, with a brand value of USD299.3 billion. Amazon’s brand value has increased 36% since the beginning of the COVID-19 pandemic and is the world’s most valuable brand across all sectors, according to Brand Finance’s Global 500 2023 report.
Every year, brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The world’s top 100 most valuable and strongest tech sector brands are included in the annual Brand Finance Tech 100 2023 ranking.
Richard Haigh, Managing Director, Brand Finance: “The global dominance of Amazon as the world’s leading tech brand cannot be ignored. The brand’s relentless pursuit of customer-centric innovation has not only transformed the way we shop but has challenged and overhauled traditional business models. The tech giant must now look to maintain its competitive edge amid the rapidly evolving landscape, especially as eyes are on the brand now more than ever.”
One key area where Amazon has been making strides is in its renewable energy initiatives. As the largest corporate buyer of renewable energy globally, Amazon is committed to powering all its operations with 100% renewable energy by 2025.
To achieve this goal, the brand has already announced more than four hundred projects as of January 2023, highlighting its notable progress in this endeavour. The driver score for the retail sector is 6.1%, demonstrating a material role for sustainability in driving choice. Amazon’s US$19.9 billion of value is reliant on maintaining its reputation for (a certain level of) sustainability.
Japan’s NTT DATA (brand value up 55% to USD8.9 billion) is the fastest-growing tech brand in the ranking this year. This is because NTT Corporation and NTT DATA formally integrating their offerings more closely and launching a combined brand to accelerate global IT modernization and digital transformation. This is a new beginning for the NTT DATA brand that looks to accelerate growth outside of Japan and further increase its diverse digital services and application offering to clients.
Elsewhere, LinkedIn (brand value up 49% to USD15.5 billion) is the tech sector’s fastest-growing brand, substantially because of its improved standing as a recruitment and news advertising tool.
Despite facing headwinds from global political challenges, the semiconductor shortage, and a global slump in demand for smartphones, Huawei remains in the top ten most valuable tech brands, with its brand value falling 38% to USD44.3 billion. Huawei's consumer business, which provides smartphones, tablets, and other consumer electronics, was the hardest hit by the various challenges. However, the brand’s other operations, such as its carrier business and its enterprise business, performed relatively well.
In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. As well as being the strongest brand in the United States, and the world, Google (brand value up 7% to USD281.4 billion) tops the tech ranking, earning a brand strength index score of 93.2/100 and a prestigious AAA+ rating.
The full report can be viewed here
