Also Tuesday, CNBC's Jim Cramer said it doesn't appear that Apple can do anything about its tailspin, and he likened the company to beleaguered JC Penney.
(Read More: Cramer: Apple Is 'Becoming the JC Penney of Tech')
The iPhone maker hasn't released a product since October when it unveiled the iPad mini, and according to analysts Apple isn't expected to launch any products until later this year.
(Read More: Expect Tech to Pop This Quarter: Trader)
Apple isn't alone though. the tech industry as a whole is struggling to introduce innovative products, Landis said.
"If you look over the course of a decade at technology, there's a lot of great innovation, but if you (look) at the course over a few months, sometimes even a whole year, there's not always a blockbuster product out there, and that can give you some sort of dull spots in the growth curve and I think we are just going through one of those right now," Landis said.
Wearable technology could be a game changer for the industry, he said.
(Read More: Goodbye Apple iPhone? Wearable Tech Is Coming)
Apple, Google and Samsung are all reportedly working on smartwatches, and Google is working to roll out its Internet-connected glasses—called Google Glass—to the mass market by the end of the year.
(Read More: Google Is Working on a Smart Watch, Too)
But the tech giants are coming late to the game and losing out to upstarts, Landis said.
"You are always hearing about these wearable products, whether it's a watch or you call it something else, that's pretty fascinating. It's spurred by really cheap sensor technology," Landis said. "The problem is a lot of the innovation is happening in companies that aren't public yet. So if we are putting on our public market blinders, we don't see it right now."