Here's Why 2024 Could Be a Record Year for Apple

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This year, Apple is entering the race for generative artificial intelligence. In June, it presented Apple Intelligence, a series of AI-based features that will be available starting this fall on compatible iPhones, iPads, and Macs (but not in the European Union). And this important new feature is expected to boost sales of the iPhone 16 series, which will be presented on September 9. And 2024 could also be a bumper year for Apple's finances.

$400 billion in 2024

Indeed, according to a new projection published by the company Counterpoint Research, this year, Apple's revenue could exceed $400 billion for the first time. The company's revenue growth would be attributed to growth across all segments of its business, whether hardware or service. Indeed, thanks to new product launches, Apple is expected to post growth across the iPhone, iPad, Mac, and accessories categories.

In fact, AirPods could be the Apple product that will see the biggest sales growth in 2024. Counterpoint estimates that Apple’s hardware sales could increase by 3% in 2024. As for services, they could generate more than $1 billion for the first time.

“After a decline in 2023, 2024 will see growth in several key hardware categories, driven by multiple launches. Then there is also the promise of Apple Intelligence being implemented across all hardware segments, which has once again generated some excitement and could lead to upgrades”, explains Tarun Pathak, research director at Counterpoint. Furthermore, while three-quarters of Apple’s revenue comes from hardware, services are expected to grow faster.

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Apple Services Will Become Even More Important in 2025

Counterpoint also predicts that Apple’s revenue will grow significantly in 2025. And the company estimates that services will be even more important next year. Indeed, if we exclude iPhone sales, Apple Services would generate more revenue than hardware in 2025. Moreover, this category could see even stronger growth in the coming years, if Apple decides to monetize Apple Intelligence.

For now, Apple Intelligence is free. However, there are already rumors that the company could offer a paid version that will include more features based on artificial intelligence. Apple could take inspiration from the iCloud model, which offers free storage to users of Apple products, but also allows you to take out a subscription to have additional storage. Previously, Counterpoint Research estimated that Apple could charge between $10 and $20 per month for a paid version of Apple Intelligence.

In any case, Apple would not be the first company to offer a subscription of this type. As a reminder, ChatGPT already offers a ChatGPT Plus subscription that allows you to have additional features. And Google reserves access to Gemini Advanced to users of its Google One AI Premium subscription.

• While Apple’s revenues were down in 2023, they could increase and exceed $400 billion for the first time in 2024
• Counterpoint Research estimates that Apple’s hardware revenues will increase, thanks to the arrival of new products, while services could exceed $1 billion for the first time
• Counterpoint also predicts Apple’s revenues will grow in 2025

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