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Deloitte is the world’s most valuable commercial services brand, report
Deloitte, with an impressive 21% increase in brand value to $41.8 billion, has once again secured its position as the world’s most valuable commercial services brand, according to a new report by Brand Finance, the world’s brand valuation consultancy.
Leading the sector, Deloitte saw record revenues of nearly USD65 billion in 2023, propelled by strategic investments and collaborations. Deloitte's expanded partnership with NVIDIA stands out, harnessing AI technology to develop cutting-edge GenAI solutions.
Furthermore, collaborations with industry leaders like Google Cloud showcase Deloitte's commitment to driving environmental change by offering solutions to help organisations reduce emissions.
This year, Deloitte has also claimed the title of the world’s strongest commercial services brand and the sixth strongest brand in the world with a Brand Strength Index (BSI) score of 90.6 out of 100. Deloitte has been recognised as one of the world's best workplaces, reflecting its dedication to fostering a positive impact on individuals and communities.
Annie Brown, General Manager of UK Consulting, Brand Finance: "In the commercial services sector, a significant trend is emerging as industry leaders partner with tech firms and swiftly adopt technologies like generative AI. These partnerships aim to provide clients with digitisation solutions, positioning the companies as advisors on AI and other emerging technologies. This forward-thinking approach to digitisation enhances efficiency, competitiveness, and future success, ultimately elevating their brand value and fostering growth."
EY sits in third
EY (brand value up 20% to USD30.8 billion) maintains its standing as the second most valuable professional services brand among the Big 4, behind Deloitte, and secures the third spot in the overall commercial services ranking.
The 20% increase in brand value is attributed to enhanced financial performance, with 2023 marking a pinnacle year characterised by record global revenues and sustained significant growth. Like competitor Deloitte, EY's success can be attributed to strategic investments in pivotal partnerships, cutting-edge technologies, and continuous training initiatives to upskill its workforce.
PWC and KPMG brand values fall short
Fellow Big 4 firms, PWC (brand value USD24.7 billion) and KPMG (brand value USD14.2 billion), have not performed as well as their peers, recording a 3% and 4% dip in brand values, respectively.
KPMG maintains its position as the trailing member of the Big Four, demonstrating the slowest growth in global sales among accountancy and consulting firms in the latest financial year. These outcomes follow a challenging period for KPMG across various markets, marked by audit scrutiny at three failed US banks, a governance scandal in its Dubai operations, and a record regulatory fine in the UK.
Mixed results for payment services brands
American Express is the most valuable payment services brand and the second most valuable commercial services brand in the ranking, with a brand value of USD36.5 billion.
American Express has launched strategic marketing campaigns to increase recognition, including partnerships with TikTok to target Gen Z consumers and initiatives like "Keep Doing You," showcasing rewards for everyday activities. Additionally, its collaboration with Dentsu Creative champions small businesses, using local shops to promote cashback offers.
VISA has witnessed a 5% decline in brand value, now at USD28.0 billion, amid concerns about a potential spending slowdown. The lowered revenue forecasts stem from apprehensions about consumer spending, exacerbated by months of high inflation and escalating borrowing costs. This economic landscape has prompted consumers to reassess their travel and major purchase plans, placing card companies like VISA on the defensive as they navigate these shifting dynamics.
Mastercard has experienced a notable decline in brand value this year, marking a decrease of 12% to USD21.8 billion, primarily attributed to a reduction in overall brand strength. Brand Finance's latest market research reveals that Mastercard has diminished scores in familiarity and reputation, which is particularly evident in China and India. Mastercard has reached a significant milestone, being accepted at 100 million locations worldwide.
