Internet search company Google has become the most valuable brand in the world, overtaking Apple, according to a recent survey.
The Top 100 BrandZ survey, conducted by research agency Millward Brown, shows that the US firm has replaced technology enterprise Apple as the top brand, with rankings based on the value of the company.
This year has seen the value of the California-based search giant rise by 40%, meaning that it is now worth $159 billion (£94 billion). The figure considers Google’s revenue of $15.4 billion (£9.1 billion) with $3.45 billion (£2 billion) in profits in the latest financial quarter, with a combination of projects such as Google Glass, self-driving cars and its range of wearable technology – which includes smartwatches – contributing to the statistics.
According to the survey, the brand value of runner up Apple dropped by 20%, with the firm now valued at $148 billion (£88 billion). This means it has surrendered the number one position, which it held for three years.
Technology brands sit at the top of the tree in terms of value, as they compete in markets that grow the fastest – which, in turn, makes brand value increase quicker. Social networking sites also appear in this list, with Facebook ranking in at number 21 and Twitter, new to the rankings, holding 71st position.
Peter Walshe, director of Millard Brown, suggested to news providers that he thought digital brands rank so highly because they are no longer considered tools, but an important part of people’s lives.