Apple Inc. (NASDAQ:AAPL) is known for its innovation. Over the last decade, the Cupertino-based company has given us some of the most revolutionary products of modern times. But now the company seems to be stuck in a catch-up game as its rivals continue to improve their offerings.

Apple Inc. AAPL China Mobile

Apple hasn’t launched anything world-changing since 2011

The latest rumors suggest that Apple Inc. (NASDAQ:AAPL) is going to launch a bigger screen iPhone 6 this year, maybe at the WWDC in June or in September. In fact, if reports are to be believed, we will see two new versions of iPhone 6 this year, one with a 4.7-inch and another with a 5.7-inch display. That may attract more customers as people are increasingly showing interest in big screen smartphones. That said, it will be yet another product release where Apple Inc. (NASDAQ:AAPL) will be playing a catch up game rather than out-innovating the competition. As an example, the fingerprint scanner in the iPhone 5S is really good, but it’s nothing world-changing, acccording to  Eric Mack of Forbes.

Apple Inc. (NASDAQ:AAPL) has followed market trends in the tablet category as well. The tech giant came up with a smaller iPad to compete with Nexus 7 and Kindle Fire. Then the company diversified its smartphone offering by bringing a low-cost, plastic body iPhone 5C. Even its upcoming bigger iPhone 6 will be a catch-up play as Samsung Electronics Co., Ltd.(ADR) (LON:BC94) (KRX:005930)’s big screen smartphones are already selling like hot cakes.

Apple still has immense opportunities

Apple Inc. (NASDAQ:AAPL) under Tim Cook hasn’t enticed consumers and investors like it did under Steve Jobs. While Jobs introduced revolutionary products like the iPod, iPhone, iPad and Siri, Cook has simply been expanding the product range even as competition continues to grow. It’s time for Tim Cook and Apple Inc. (NASDAQ:AAPL) to look beyond the iPhones and iPads. If a new iteration of iPod were to release today, we won’t be very excited about it. Consumers are likely to lose interest in yet another iteration of the iPhone over the next few years. The fierce and much-hyped battle between Android and iOS would become of less consequence as people refocus on whatever pops up next (perhaps wearables or something else).

It’s time for Tim Cook and Apple Inc. (NASDAQ:AAPL) to unveil a new device that will change how people around the world go about their daily lives. It may be an iTV or an iWatch, which have been rumored for more than two years. Or maybe something entirely unpredictable that only Jony Ive can think of.

Apple Inc. (NASDAQ:AAPL) shares were up 0.35% to $550.99 in pre-market trading Wednesday.