The Apple Logo Is Pictured Inside The Newly Opened Omotesando Apple Store At A Shopping District In Tokyo
Check out the cool and useful features of the new Apple iOS 9. Pictured above: The Apple logo is pictured inside the newly opened Omotesando Apple store at a shopping district in Tokyo June 26, 2014. Reuters/Yuya Shino

By the end of 2014, Apple is projected to pocket total revenues of $192 billion, which according to a new report will further balloon in 2015 thanks to the upcoming iPhone 7 release date and other iOS-powered devices such as the Apple Watch and next-generation iPads.

Gene Munster of Piper Jaffray told Business Insider that on top of the $675 billion market capitalisation already attributed to the tech giant, tens of billions more will be added and what is proving as the biggest cash cow for the company is, unsurprisingly, its iPhone business.

Around 60 per cent of the vaunted Apple money-making machine is because of the iPhone that American firm first introduced in 2007. And the now iconic smartphone will remain the company's dominant product by the end of 2015, perhaps even beyond. Munster declared.

Current and next iPhone models

Apple is already expected to close 2014 with record sales and profits and the company will either replicate or exceed the feat in 2015, the analyst said.

On its existing product catalogue, the iPhone and iOS will emerge as the core offerings and to be supported by the upcoming Apple Watch, the Mac desktops and laptops and the 2015 iPads. The latter, however, would only manage to register flat growth numbers as Munster observed that most consumers targeted for the iPad already own one.

As expected, the Rockstar of the iOS device line up this year and the following will remain the iPhone, specifically the iPhone 6, 6 Plus and the iPhone 7 variants that will be rolled out in the second half of 2015.

Reports have already emerged that three models are possibly in the works - two of them are refreshes of the 4.7-inch and 5.5-inch editions that were introduced September this year and a likely 4-inch build that is optimised for one-hand use.

Regardless, Munster is convinced that by end of December 2015 some 280 million iOS devices will get activated, which would see Apple registering around 530 million iOS devices in circulation.

It follows that the bulk of the products that Apple will clear in the next 12 months will comprise of the iPhone 6 and its sequel that likely will take the name iPhone 6S or iPhone 7.

Apple Watch

The Piper Jaffray analyst is also optimistic on the Apple Watch that is scheduled to rollout beginning in the second quarter of 2015. At starting price of $350, Munster is forecasting that up to 17 per cent of iPhone owners will grab the iOS timepiece once it hits the market.

Munster also pointed to teenagers as a potent source of growth for Apple as he highlighted a survey of 7200 youngsters that showed seven out of current iPhone owners are looking forward to upgrade and get the next iPhone.

And that could be any of the iPhone 6, already available, and iPhone 7 models that generate anticipation this early, the analyst said.

The iPhone 7 release date will likely happen at around the same time that the present build was issued this year - that is September 2015 at the earliest.