In August 2020, the Tech Giant Apple joined a very exclusive club. This club is home to the world’s most valuable companies and Apple became its newest member when, on August 19th, it became the first U.S. company to reach the $2 trillion mark in market value. It was a milestone that sent ripples throughout the entire tech and business world.
We may often forget that Apple was not always the world’s most valuable company, so we will take a look back at a brief overview of the company’s journey to the top, looking at the groundbreaking innovations, acquisitions, and philosophies that helped propel it to the top. We will also take a look at the reactions from within and outside the company and look at where the current trajectory is pointing and what the future may hold, not just for Apple, but all companies in the tech and business world, amidst this phenomena.
Overview of Apple’s Journey
Apple was always a company that market itself as being groundbreaking in its innovations. From the release of the Macintosh, the first mainstream computer with a graphical user interface, the iPod with the revolutionary click wheel, and the iPhone which was a pioneer in the emergence of touchscreen smartphones, Apple was always on the cutting edge of technology.
The company earned the hashtag ‘#ThinkDifferent’ with its path to success based on their intuitive design, ease of use, and wide range of product variety to enable its users to explore, work and play with their products.
It was not just the products however that made Apple stand out as a company. It was their take on the business world. Apple’s approach was based on innovation, customer focus and an ambitious vision. This was central to its corporate ethos, which was derived from their iconic founder Steven Jobs and the many Apple products shaped their growth.
The Growth in Market Value
Apple’s growth in the market has been nothing short of phenomenal. Through a combination of ground-breaking product innovation, customer centric business practices and some strategic acquisitions, Apple has seen its market value grow from $120 billion in 2000, to $2 trillion in 2020.
Apple’s market value is supported by its portfolio of products which includes the iPhone, iPad, Mac computers, Apple Watch, Apple TV, and the expansive range of services. This portfolio of products and services enables customers to experience the Apple ecosystem across all their devices, whether it be via the Apps, music or TV content.
The sheer reach of Apple’s ecosystem is one of the driving forces behind its consumer loyalty, and that loyalty has been rewarded by Apple in the form of creative services like Apple Arcade, AppleTV+, and Apple Music.
What it Means for Apple
The ascension of Apple to the $2 trillion mark has been richly rewarding for the tech giant.
This latest milestone reinforces Apple’s status as the world’s most valuable company, toppling Microsoft and Amazon, who parity previously held the title in recent years.
Reaching the $2 trillion market value milestone will bring an even greater sense of stability and confidence in the eyes of its investors and shareholders, with stocks reaching a peak of around US$467.
In addition to the confidence gained in the eyes of investors, reaching the $2 trillion mark reinforces Apple’s status as a leader of innovation and customer loyalty, and their portfolio of products and services demonstrates just how much they contribute to the global technological landscape.
The rise of Apple to becoming $2 trillion in market value was a major moment in the tech and business world. The wide-ranging success of the company has been fuelled by their commitment to innovation, customers, and their vision of the future. Not only has this success been beneficial for Apple, but for all companies in the technology and business landscape, spurring on the potential of businesses in the tech industry to reach even beyond the $2 trillion mark in the not-so-distant future.
Through its position as the first company to ascend to the $2 trillion threshold, Apple has not only placed itself firmly on the top of the global tech industry but has demonstrated what companies and humanity can accomplish when creativity, ambition and vision come together.
