Five years after the first iPhone took the smartphone market by storm and left mobile companies to play the catching up game, Apple is expected to announce the iPhone 5 on Wednesday at an event in San Francisco.
It is expected that iPhone 5 will sport a bigger screen something that has been common on phones that run on the rival Android software developed by Google.
Apple, since its launch, had stuck to the 3.5-inch screen whereas the competition, including Samsung took to bigger screens for its mega-selling Galaxy SII and Galaxy SIII.
Moreover, this is the first big Apple launch after the demise of its earlier chief executive Steve Jobs.
Earlier this year, the new CEO Tim Cook had shown the iPad 3 called The New iPad, the latest Mac operating software called the Mountain Lion and the upgraded software for the iPhone which had Siri, the voice assistant.
iPhone 5 is expected to have an upgraded version of Siri apart from other step-ups like bigger screen, sharper retina display.
Samsung had recently overtaken Apple in smartphone sales with its latest model the Samsung Galaxy SIII but Apple is likely to take back the crown after today's launch.
The phone is likely to go on a sale in a couple of weeks from today.
JP Morgan, in its report last week said that the iPhone 5 could help in boosting the US GDP by 0.5%.
JP Morgan expects Apple to sell around 8 million iPhone 5s in the fourth quarter. Samsung's Galaxy SIII has sold over 20 million units since its launch in three months of its launch.