The role of technological brands in digital transformation and economic growth

Abstract

The role of technology brands in the economic growth and digital transformation of the international and national economies and their sectors was investigated based on the analysis of the Brand Finance Global 500 ratings. The economic impact of the COVID-19 pandemic has been shown to have separated strong brands from others. The pandemic has accelerated digital transformation trends such as cloud technology, leveraging the dominance of tech brands. They account for 14 % of total brand value in the 2021 Brand Finance Global 500 ranking. Technologies remain the most valuable sector in the ranking, where 47 brands are presented and a total brand value of around $ 1 trillion and amounts to 998.9 billion. The highest revenue growth since 2016 was demonstrated by e-commerce platforms. American and Chinese brands dominate the ranking, accounting for two-thirds of the total brand value in the ranking. It is concluded that understanding the importance of intangible assets, in particular brands development, the creation of new brands and the importance of intangible asset value, is of much greater importance for developing countries. The most valuable brands in the global league have taken advantage of the continued strong growth of sectors of the economy. The global pandemic has accelerated digitalization efforts around the world. 70 % of the new value which will be created in the next decade will come from digital platforms. At the same time, a third of brands experienced cyber attacks on their domains last year. Organizations have increased investment in domain management to protect those which has critical importance to their operations. Thus, 52 % of respondents spent more than $ 25,000 per year on domain portfolio management in 2020, up from 39 % in 2019. Domains are valuable intellectual property assets and the key to successful e-commerce strategies in a global digital economy.