The world’s most valuable brands list has been updated and it has revealed that companies based in the technology sector now make up half of the top 10.

The list was compiled by Interbrand, as part of its annual Best Global Brands report, which has now been going close to 20 years. This year’s report, released on September 25, was the 18th edition of the report.

This year’s list shows that technology is the most dominant sector, with Apple securing top spot on the list for the fifth consecutive year. The brand value of Apple increased by 3% on last year to $184.2bn (£136.3bn).

Rankings are based on three different components that contribute to a brand’s total value: the financial performance of the brand’s products and services, the role the brand plays in influencing the choices of consumers and the strength it has to command premium prices or to secure earnings.

In second place in the report was search giant Google, which also retained its position for a fifth straight year. Google’s brand value increased by 6% this year, to $141.7bn (£104.9bn), closing the gap on Apple.

Microsoft rose to third place this year, overtaking Coca-Cola, which was the only food/drink company in the top 10. Microsoft’s brand value rose to $79.9bn (£59.1bn), which is a 10% jump on last year, whereas Coca-Cola saw a 5% decrease to $69.7bn (£51.5bn). Only Coca-Cola and Toyota from the top 10 saw a drop in brand value from last year’s figures.

For the first time, social media site Facebook entered the top 10, climbing the ranks to reach eighth place. The California-based company saw the biggest growth over the last 12 months of any brand in the top 100, seeing its brand value rise 48% to $48.2bn (£35.6bn).

After Facebook, the next biggest percentages of growth came from Amazon (33%), LEGO (25%) and Nissan (22%).

The top 10 is below:

1. Apple
2. Google
3. Microsoft
4. Coca-Cola
5. Amazon
6. Samsung
7. Toyota
8. Facebook
9. Mercedes-Benz
10. IBM

The whole list can be seen here.

New entrants to the top 100 this year included Netflix (78th), Salesforce.com (84th) and Ferrari (88th). In total, the top 100 brands have a combined total value of $1,872bn (£1,385bn), which represents a 4.2% rise on the figures from 2016.

Despite technology being dominant at the top, it is the automotive industry that has the most brands featured in the top 100, with a total of 16 entrants.