According to Counterpoint Research, the company should breach the $400 billion revenue mark for the first time in 2024, supported by the growth of its hardware and services segments.

As per analysts, antitrust lawsuits in the US and EU (European Union) pressure are key risk factors, but they are likely to play out over a longer term.

"We know there is risk, but it is early stages right now. So, we are not expecting any impact to monetisation of the iPhone installed base, at least not in the medium term," said Research Director Jeff Fieldhack.

Apple’s growing installed base, which is more than two billion devices currently, has created a flywheel effect on the growth of the brand’s services business.

Apple Store, followed by Apple Care+, Apple Music, and a round-up Apple One subscription, has driven inflection points for the tech giant with a growing device base, according to the report.

Launched in 2023, AppleOne could become the single largest contributor to Apple’s services revenue. In addition, analysts expect that iPhones will continue to capture half of Apple’s revenue and remain the centrepiece of the company's ecosystem.

iPhone growth in emerging markets should also help with future growth for other Apple products as many consumers will be new users entering the iOS ecosystem. As these consumers become more dependent on their iPhones, they are likely to spend more on other Apple products, the report said.