Recent projections from market research firm Counterpoint Research state that Apple is expected to top $400 billion in global revenue for the first time in 2024 on growing sales in both its hardware and services sectors.

Apple hardware is projected to grow 3% annually in 2024, versus shrinking in revenue four quarters in a row in the previous year. The company said revenues from its hardware stood at $298 billion in FY 2023.

2024 is deem to present new product launches across all categories in contrast to the past year, including iPhone, iPad, Mac, Watch, and AirPods.

AirPods could also turn out to be the fastest-growing segment in addition to what Counterpoint adds: Along with the iPhone 16 series and new Apple Watches, there’s an announcement on September 9.

Further, the launch of Apple Intelligence-apple’s bundle of artificial intelligence capacities in its products-is expected to give it a push, as the feature will not be available on previous generations of iPhones.

It expects sales to surge in the current quarter, which covers the Western holiday season, with a 7% rise in revenue to $128.4 billion. Apple is also expected to achieve record service sales, which should surpass $100 billion, rising from $85.2 billion in fiscal year 2023, with hardware growth expected to bleed deep into 2025.

According to Tarun Pathak, director at Counterpoint Research, the services segment is going to score much higher growth compared to the hardware segment. “In absolute revenue growth, though, hardware remains critical in pushing the needle as it accounts for three-fourths of Apple’s global revenues,” he added.