While the iPhone has been Apple’s most successful product since its launch in 2007, consistently driving the majority of its revenue, Apple Services has seen far greater revenue growth in the last decade.
According to data from AltIndex.com, Apple’s services revenue has soared by 433% over the past ten years, surpassing iPhone growth by a factor of four.
In 2024, Apple Services generated $96 billion in revenue, five times more than it did ten years ago. This impressive growth comes from a diverse range of services such as Apple Music, iCloud, Apple Fitness+, Apple TV+, and Apple Arcade, all of which have millions of users globally. By integrating these services seamlessly into its ecosystem, Apple has successfully created a robust and thriving revenue stream.
According to Statista and the official company data, Apple earned around $18 billion from its services in 2014, roughly 30% less than from Mac and iPad sales and five times less than from iPhone sales. By the end of 2020, this figure had soared to $53 billion, showing a massive 195% increase in six years.
However, Apple’s services growth didn’t stop there, with growth rates accelerating further in the last four years. After reaching $68 billion in 2021, the services revenue jumped to $85 billion in 2023, and then hit an all-time high of $96.1 billion last year. This represents a massive 433% growth in a decade, far outpacing any other segment of Apple’s business.
In comparison, iPhone sales jumped by 97% in this period, rising from $101 billion to $201 billion. Mac sales climbed modestly by 12%, at least by Apple’s standards, generating $27 billion last year. Statistics show that the iPad was the only segment of Apple’s business that saw a decline, with revenue falling by 10% in a decade.
Apple Services Revenue Share Almost Tripled
Thanks to impressive triple-digit growth, Apple’s services segment has also significantly increased its share of the company’s total revenue. Ten years ago, the services segment made up just 9.9% of Apple’s total revenue; by 2024, they accounted for 24.3%.
The iPhone, Apple’s flagship product, still commands the largest revenue share. Its premium models, especially the Pro versions, have helped Apple dominate the smartphone market and outperform competitors like Samsung. In 2024, iPhone sales made up 51.5% of Apple’s total revenue, slightly down from its 55% share a decade ago.
