The Apple Logo Is Pictured Inside The Newly Opened Omotesando Apple Store At A Shopping District In Tokyo
Check out the cool and useful features of the new Apple iOS 9. Pictured above: The Apple logo is pictured inside the newly opened Omotesando Apple store at a shopping district in Tokyo June 26, 2014. Reuters/Yuya Shino

Apple Inc has been hailed the most valuable brand in the world in the Interbrand Best Global Brands annual report. The Cupertino-based company is worth nearly $119 billion and is currently the biggest corporation with a stock market valuation of $591 billion.

Reports said Apple's brand value had increased by 21 percent in 12 months. Apple has led technology companies in the 2014 report. Google Inc is in second place with a value of $107 billion. Coca-Cola ranks third with a value of $81.5 billion followed by IBM with $72.2 billion and Microsoft with $45.5 billion.

Based on Interbrand's report, Facebook was the company that had the biggest increase in brand value at 86 percent. The social media network rose to 29th place with a value of $14.3 billion, ahead of long established consumer brands like Kellogg's, Volkswagen and Ford.

Interbrand chief executive Jez Frampton said in The Guardian that companies like Apple have benefitted from the growth of mobile technology while Google, Amazon and Facebook have raised the bar for customer expectations in terms of brand experience.

Graham Hayles, chief marketing officer of Interbrand, said it was not unusual for Apple's brand to account for one-fifth of the company's market value, The Guardian reports. He explained that Apple continues to have a strong brand. There is a strong correlation between a company's brand and its profitability.

Frampton gave credit to the consumers' ability to criticise and interact with brands on social media. He said that the feedback from customers can help companies respond faster to complaints or concerns. Their reaction to consumers will help maintain or improve the reputation of their brands.

Despite the issues of some bending iPhone 6 Plus units and problems with iOS 8 updates, Apple's latest flagship devices were generally well-received. iPhone sales on the first opening weekend had reached 10 million units, which exceeded analysts' expectations. Due to the high demand of the iPhone 6 Plus, some customers who have preordered their devices continue to experience delays in delivery time. The Wall Street Journal reports that Apple may have delayed mass production of its upcoming extra-large iPad to ramp up iPhone 6 and 6 Plus production. Apple may reveal more details about the iPad and iPhone production on its upcoming event on Oct. 16.