Deloitte has once again emerged as the world’s most valuable Commercial Services brand after its brand value increased by 16% to USD$34.5 billion, according to a new report from leading brand valuation consultancy, Brand Finance.
Every year, leading 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 Commercial Services brands are included in the annual Brand Finance Commercial Services 100 2023 ranking.
In 2022, Deloitte achieved record revenue growth of USD$59.3 billion. Deloitte provides audit and assurance, tax and legal, consulting, risk advisory, and financial advisory services to a broad cross-section of the largest corporations and governmental agencies around the world. Through the power of its global organisation, delivery centres, and strong collaboration between Consulting, Advisory, and Tax, it has increased its global alliance and ecosystems sales by 23% from the previous year. Deloitte’s financial success was matched by a rapid expansion of its workforce, with its total headcount climbing to more than 415,000.
Annie Brown, General Manager of UK Consulting, Brand Finance commented:
"Despite significant challenges, the commercial services sector has demonstrated remarkable resilience and adaptability over the last two years. The industry's ability to innovate, pivot towards digital solutions, and prioritise customer experience has enabled it to weather the storm and emerge into the post-pandemic world even stronger."
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. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in 38 countries and across 31 sectors.
As well as being the most valuable Commercial Services brand, Deloitte is also the strongest brand in the ranking. Its Brand Strength Index (BSI) score is 91.3/100 in 2023, a 1.1-point year-on-year increase. This earns it an elite AAA+ brand rating, one of only two brands to achieve this status in the Commercial Services 100 2023 ranking.
Fellow Professional Services brand EY (brand value up 11% to USD5.7 billion) stays in second position for brand strength, maintaining its BSI score of 89.9/100, and AAA+ rating. UK based EY is also the fourth most valuable brand in the ranking, and highest ranked non-American brand.
It is worth noting that the results contained in the Commercial Services 100 2023 ranking are based on research and analysis by Brand Finance undertaken prior to the 1st January 2023. EY’s planned split of its auditing and consulting businesses was not considered in the research, nor were the recent reports that this split would no longer go ahead following internal consultation.
Indeed is the fastest growing brand in the ranking, up 102% to a brand value of USD1.6 billion. Indeed’s revenues increased in 2022 mostly in relation to the relaxing of covid-induced regulations globally, and a subsequent high demand for talented workers on the Indeed platform.
ADT also saw significant growth of 77% to a brand value of USD2.4 billion, making it the second-fastest growing brand. The Security Services brand’s revenues have increased, mostly attributed to strong customer retention, record revenue payback, and a flagship partnership with State Farm.
Financial & Investment Information Services brand LSEG is the highest new entrant, entering the ranking in 12th position with a brand value of USD6.3 billion. LSEG is made up of the combined brand portfolio of London Stock Exchange, Refinitiv, LCH, and FTSE Russell.
Of the seventeen Professional Services brands included in the Commercial Service 100 2023 ranking, fourteen achieved brand value growth. The aggregate brand value increase for the Professional Services brands included was 14%. This impressive performance saw Big 4 accounting firms Deloitte, EY, PWC (brand value up 9% to USD25.3 billion) and KPMG (brand value up 15% to USD14.8 billion) all maintain their positions firmly in the top-ten of the ranking.
In 2022, leading Financial & Investment Information Services brand S&P Global (brand value up 32% to USD13 billion) announced the completion of a merger with IHS Markit worth approximately USD140 billion. This merger will increase the brand’s scale and offer an improved value proposition to stakeholders.
As part of its analysis, Brand Finance assesses the role that specific brand attributes play in driving overall brand value. One such attribute, growing rapidly in its significance, is sustainability. Brand Finance assesses how sustainable specific brands are perceived to be, represented by a ‘Sustainability Perceptions Score’. The value that is linked to sustainability perceptions, the ‘Sustainability Perceptions Value’, is then calculated for each brand.
In addition to being the most valuable and strongest Commercial Services brand, Deloitte also has the highest Sustainability Perceptions Value at USD$2.1 billion in this sector. Deloitte’s position at the top of the Sustainability Perception Value table is not an assessment of its overall sustainability performance, but rather indicates how much brand value is tied up in sustainability perceptions.