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Apple's Chief Executive Officer, Tim Cook, attends the annual Allen & Company Sun Valley conference on July 12, 2018 in Sun Valley, Idaho.
Goldman Sachs analysts expect more than 20 percent of Apple's emerging services to come from Google.
"Not only is TAC big, it's still growing as people search more and more on mobile devices," the analysts said. "By combining our TAC work with Sensor Store's App Store data, we note that TAC and Apple's share of App Store downloads in 2018 represented 51 percent of Services revenue and 70 percent of gross revenue from services Elements should grow in 2019. However, TAC seems to be slowing down considerably. "
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