For the second time in three years, Google is the world’s most valuable brand, according to the latest BrandZ ranking compiled by marketing research firm Millward Brown.

Just like last year, technology brands dominated the top 10.

The ranking is based on interviews with more than 3 million consumers plus data on the financial and business performance of each company, using data from Bloomberg and Kantar Worldpanel.

According to the latest BrandZ ranking, Google’s value increased by 32% year-over-year to hit $229 billion, while Apple’s value dropped 8%, to $228 billion. Google parent company Alphabet’s share price is up more than 36% over the past 12 months on increased ad revenue, while Apple’s stock has been in flux this year due to investor concerns over disappointing iPhone sales. Millward Brown notes in its 2016 report that Alphabet and Google made inroads with investors last year by laying out a clear plan for the future while investing in sectors such as healthcare and life sciences, as well as continuing to develop autonomous driving technology.

These are the top 10 most valuable brands in the world and an analysis of what happened over the last 12 months to shift those companies into their respective rankings.

10. IBM


Brand value: $86.2 billion

Percentage change from last year: -8%

Last year’s rank: 4

What happened: Millward Brown says that IBM is “investing in its future,” particularly with its cognitive-computing system Watson, which is working across areas such as advertising, healthcare, education, and retail.

The company has also quietly built the world’s largest digital agency: IBM iX.

Millward Brown doesn’t give a reason why IBM’s brand value dropped from the previous year, but it is probably IBM’s move away from consumer products that has seen the company drop down the rankings.

Millward Brown says that “consumer perception of a brand is a key input in determining brand value.”