Just over a month after Apple became the first ever company to reach a trillion dollar valuation, Amazon has joined the tech giant in achieving this milestone.

The eCommerce firm saw its market value pass the $1 trillion (£779bn) mark after shares rose by nearly two per cent to a high of $2,050.50 in morning trading yesterday, before slipping back below the line later. However, industry expects estimate that Amazon will quickly regain its status as a trillion-dollar firm, and may even overtake Apple thanks to its recent explosive growth.

While Apple took almost 38 years as a public company to achieve the milestone, Amazon managed it in 21 years, making up much of the distance in the last few years as growth in both its retail and web services businesses saw its double in just over a year.

Amazon has impressed investors through its strategy of diversification over the past few years, branching out from retail into streaming media, digital enterprise services, advertising and even brick-and-mortar stores with its acquisition of Whole Foods. Jeff Bezos, CEO of Amazon, is currently the worlds richest man, with a net worth in excess of $160bn. He is estimated to earn equivalent to the annual wages of the median Amazon employee every nine seconds.

“The common connection between Apple and Amazon is their ability to get us to think about them every day, whether through commerce or services,” said Brendan Witcher, analyst at Forrester. “They are both almost seen as necessary as a utility in some consumers lives, and the two companies have worked hard for a long time to make it that way.

“The secret formula for winning todays digitally-savvy customer is to add ease, comfort, convenience, variety, connectivity, simplicity and uniqueness into peoples lives. Apple and Amazon are two of only a handful of companies that deliver on all of these elements.

“What more organisations forget is that they are innovative, but didnt get to a trillion dollars with tech. Amazon and Apple got where they are today by understanding what should change in customer experience and then having the culture and courage o do what was needed to make the change.”