According to global market research agency Millward Brown, Google has overtaken its greatest competitor Apple as the world’s top brand in terms of value. The agency’s latest report said that Google’s brand value shot up 40 percent in a year to $158.84 billion.
This increase in value is apparently due to its investments in new concepts, gadgets and initiatives. The head of Millward Brown France, Benoit Tranzer, said, “Google has been extremely innovative this year with Google Glass, investments in artificial intelligence and a range of partnerships.”
The famous Internet-linked eyewear for which the firm has joined hands with Luxottica, a frame giant behind Ray-Ban and other high-end brands, to sell in the US has changed Google’s position from a simple Internet giant to a tech titan.
Previously, Apple had dominated the top position for three straight years, but saw its brand value fall by 20 percent to $147.88 billion. Out of the top 100 companies, the 10 highest ranked companies belonged to the US. IBM was at third place with $107.54 billion worth, facing a fall of 4 percent, followed by Microsoft at $90.19 billion, with a 29 percent rise.
McDonald’s ranked fifth at $85.71 billion, followed by Coca Cola at $80.68 billion, according to the report. In the insurance sector, China was in the lead, with Ping An valued at $12.4 billion and China Life at $12 billion. Louis Vuitton ranked 30th overall but was the top luxury brand with a value of more than $25 billion. Brand value is calculated on the basis of the firms’ financial performance and their standing among consumers.