Editor's Note: The keynote of Apple's World Wide Developers' Conference (WWDC 2013) kicks off at 1 p.m. EDT, and CNBC's tech correspondent Jon Fortt will be reporting live from inside San Francisco's Moscone Center. Stay tuned with the latest updates here at CNBC's live blog.
While Apple is not expected to make any major product announcements, the company is expected to roll out an overhaul of its mobile and desktop operating systems.
"First and foremost, all you will be hearing is software, software, software," said Trip Chowdhry, managing director of equity research at Global Equities Research. "From Apple's perspective, iOS 7 will leapfrog Apple into a completely different orbit versus where the competition is at."
Chowdhry said he does not expect Apple to unveil much in terms of hardware, but said the new iOS 7—the software that runs iPhones, iPads and iPod Touches—will set the foundation for the company's future in hardware innovation. The updated operating system will feature a user interface that is simpler and easier to use, and that will be reflected in coming hardware, Chowdhry said.
The new iOS 7 will also be less skeuomorphic in design and appear more flat, said Carolina Milanesi, a Gartner analyst. Along with the new design, the company can also be expected to roll out a function to make app discovery easier, an update to Siri and a refresh to its maps system—which may also include a new feature that enables indoor maps.
Apple is also expected to update its desktop operating system, OS X. However, not much is known about what the refresh will include.
In addition to software updates though, the iPhone is also expected to roll our a music streaming service. Apple has recently signed deals with three major music labels, including Sony/ATV,Warner Music Group and Universal Music. The new service would rival other music streaming services like Pandora, Spotify and Google's new music subscription service.
(Read More: Apple Has Signed Deal With Warner Music: Report)
While it doesn't seem like there will be anything game changing coming out of the event, the company may throw a curve ball and make an Apple TV announcement, said Gene Munster, analyst at Piper Jaffray.
Munster said there's a chance that Apple's "wild card" news could be that it is opening up its Apple TV platforms to app developers. Developing for Apple TV is now by invitation.
(Read More: Apple's Next 'Wild Card' May Not Be What You Think)