Apple's three year reign as the world's most valuable brand is over as Google has emerged as this year's top brand in terms of value. The battle of the two tech giants has spread through various fronts. Leader from 2011 to 2013, Apple finds itself slipping to 2^nd spot in the latest BrandZ report.

This list has also been dominated by other technology companies with only McDonald's being the only non-tech company in the Top five most valuable brands. If we stretch the rankings for the Top 100, their value has almost doubled since 2006 when the first BrandZ ranking was released. At present, the value of the Top 100 is $2.9 trillion. This year, apparel brands were the fastest rising industry at 29 percent, followed by automotive at 17 percent and retail at 16 percent.

Social media companies Facebook, Twitter, and Linked-In also increased their value. The three companies are ranked 21^st, 71^st, and 78^th in the Top 100, with their combined values at $62 billion. Now on its ninth year, the BrandZ Top 100 Most Valuable Global Brands study is commissioned by WPP and conducted by Milward Brown Optimor. To determine its rankings, the company uses the views of potential and current buyers of brand, together with financial data in computing for the brand value. Let us now take a look at the top 5 most valuable brands, according to the 2014 Brandz report.

1. Google - $159 billion

Already the dominant search engine provider, Google is now also the world's most valuable brand. This year, its value increased by 40 percent to almost $159 billion. According to BrandZ's Nick Cooper of Milward Brown, Google has been more innovative this year, thanks to its Google Glass and its Android Operating System being embedded In cars.

2. Apple - $148 billion

Its drop from the top spot after three consecutive years has been attributed to its "lack of dramatic new product launches and absence of a redefining technology, as cited in a report. Apple saw its value drop 20 percent to $148 billion.  

3. International Business Machines (IBM) - $107 billion

IBM's brand valued dropped four percent this year to $107 billion. Stocks also dropped to 10 percent during the similar period. International Business Machines is the established leader in business-to-business services.

4. Microsoft - $90 billion

The last of the technology giants in the Top 5, Microsoft saw an increase in its brand value by 29 percent since last year putting its brand value at $90 billion. Likewise, its stocks were boosted by 72 percent in the same period.

5. McDonald's - $86 billion

The only non-technology company in the Top 5, McDonalds has always been one of the most popular brands in the world. Its brand value dropped five percent to just below $86 billion. According to Oscar Yuan, VP at Milward Brown Optimor, introducing McCafe and free Wi-Fi are just a couple of reasons the fast-food company is on the list.