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According to data presented by AltIndex.com, Apple’s services revenue grew by an astounding 433% over ten years, outpacing iPhone growth by a factor of four.
Apple Services Generated $96 Billion in Revenue in 2024, 5x More Than Ten Years Ago
Over the years, Apple has developed a variety of services to enhance its ecosystem. From Apple Music, iCloud, and Apple Fitness+ to Apple TV+ and Apple Arcade, these services now have millions of users worldwide. By seamlessly integrating them with its devices, Apple has transformed its services into a thriving revenue stream.
According to Statista and official company data, Apple earned approximately $18 billion from its services in 2014, around 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, reflecting a massive 195% increase in just six years.
However, Apple’s services , with growth rates accelerating even further over the past four years. After reaching USD 68 billion in 2021, services revenue climbed to $85 billion in 2023 and then hit an all-time high of USD 96.1 billion last year. This represents a staggering 433% growth in a decade, far outpacing any other segment of Apple’s business.
In comparison, iPhone sales rose by 97% during the same period, increasing from USD 101 billion to USD 201 billion. Mac sales showed a modest increase of 12% (by Apple’s standards), generating USD 27 billion last year. Statistics also reveal that the iPad was the only segment of Apple’s business to experience a decline, with revenue falling by 10% over the decade.
Apple Services Revenue Share Almost Tripled
Apple’s services segment has significantly increased its contribution to the company’s total revenue. Ten years ago, services accounted for just 9.9% of Apple’s total revenue; by 2024, this share had risen to 24.3%.
The iPhone, Apple’s flagship product, continues to command the largest revenue share. Its premium models, particularly the Pro versions, have enabled Apple to dominate the smartphone market and outperform competitors such as Samsung. In 2024, iPhone sales accounted for 51.5% of Apple’s total revenue, slightly down from its 55% share a decade ago.