Apple Pay to drive up iPhone market share: Pro....

The year 2014 has been a very good year for Apple.

The Cupertino, California-based company increased its market cap to $700 billion last month and released two new cell phone units: The iPhone 6 and the iPhone 6 Plus. Apple also released Apple Pay, its mobile-payment service, and will release it in the United Kingdom next year.

Tavis McCourt, managing director of Raymond James Financial, said in an interview with CNBC's "Squawk on the Street" that Apple Pay alone would not drive up Apple's stock, but it would increase the iPhone's market share. "In terms of monetization, that's really what matters for Apple," he said. "Every one percent increase in iPhone market share globally is another 5 to to 10 percent growth in earnings."

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McCourt added that, while there is a natural ceiling for the iPhone's market share, the company isn't close to reaching it. "They're taking a rather high-price strategy, so there is a limit," he said. "But I don't think that we're anywhere near that limit."

 Holiday sales for both iPhone 6 models have also led to a "pretty fantastic quarter" for Apple, McCourt said. "One of the easiest things to check is the availability of the phones themselves," he said. "We're seeing spotty instances of lack of supply in the U.S."

Despite its tremendous size and sales, Apple still faces competition for cell-phone market share.

 "Apple is much less powerful once you get into Continental Europe, Asia and Latin America largely due to price points" McCourt said. "In different geographies, we're seeing different competitors do very well."

Some of these overseas competitors include China's Xiaomi and Wiko, a French niche mobile phone brand." It's basically a French brand of Android," McCourt said.

McCourt added that, while Android is a "very fragmented ecosystem," it is still doing very well in some regions of the world. Competition for mobile market share within the U.S., however, is almost nonexistent for the tech giant, he said.