"If you look at the innovation, if you look at the supercycle playing out in the services business right now, I believe this is just sort of the next stage of growth," Ives said, adding it is set to prove to skeptics that Apple remains focused on innovation.

Ives values Apple's software services business at about $1 trillion at the moment, and expects it to increase to about $1.5 trillion in order for the company's market value to hit $3 trillion.

He said Apple continues to "prove them wrong." He added: "Which is why when I look around the corner, despite this digestion period, I see a $3 trillion market cap (in) 2022.".

Ives said that at the moment, Apple is laying the foundation for the next stage of growth where software and services play important roles.

There are several potential risks that could hinder Apple from reaching the historic $3 trillion market capitalization, according to Ives.

Last year, Apple removed Fortnite from its iPhone App Store, saying that the game violated its guidelines for its software distribution platform.