Get set tech fans, Apple is about to reveal the new iPhone 5.Rumours across the web suggest this latest version will have a bigger screen, better battery life and be ready for 4G.
It's also thought to have a new dock connector which would mean that old iPhone accessories like docks or speakers won't work on the new version.
The launch is today at about 6pm UK time but the new iPhone probably won't be available in the UK for a few weeks.
The smartphone market is getting pretty crowded, with Samsung, Nokia and Apple all competing to be top of the gadgets.
The tough competition from other companies has put more pressure on the iPhone 5 to wow customers and to bring in more money for the tech giant.
Some people are saying that Apple has lost its edge and is playing safe - so it seems tonight's launch will need to be pretty impressive to make an impact.
Images courtesy: iMore.com
The new iPhone will be made entirely of glass and aluminum, said Apple's marketing chief Phil Schiller. iPhone 5 will be 18% thinner than its previous model Apple iPhone 4S.
"iPhone 5 is the world's thinnest smartphone," Schiller said. It is also 20% lighter than iPhone 4S. The iPhone 5 sports a larger 4-inch "retina" display, ability to surf a high-speed 4G LTE network. Apple iPhone 5 features a retina display and the screen will have a 1136 x 640 screen resolution, with a 16:9 aspect ratio.
According to Schiller, the iPhone 5 has a better battery life than 4S. While like iPhone 4S, it features an 8 MP camera, it is 25 per cent smaller. iPhone 5 will run on a quad-core Cortex A6 processor. Apple claims that the processor makes the device twice as fast as its predecessor.
iPhone 5 will run on Apple's new operating software iOS 6. The audio system has also been updated to include three microphones.
The event began with Apple's CEO Tim Cook taking centre stage. "We've got some really cool stuff to show you," he said. Cook said that Apple has sold 7 million iPads in the last quarter, which he claimed is more than any PC manufacturer. He also said that Apple customers have already downloaded 7 million copies of Mountain Lion.
Cook announced the opening of an Apple store in the 13th country on Friday. Cook told the audience at the Yerba Buena Centre in San Francisco that its apps store now has more than 700,000 on tap - the industry's largest library.
Apple also is making a lot of headway in a corporate market that has been dominated by struggling Canadian smartphone maker Research in Motion. Cook said almost every Fortune 500 companies was testing or using its iPhones and iPads.
Globally, Samsung leads the smartphone market with a 32.6 percent share followed by Apple with 17 percent, according to market research firm IDC. Both saw shipments rise compared to a year ago, with Samsung riding its flagship Galaxy S III phone.
The iPhone 5 will hitch a ride on the three largest US carriers - Verizon Wireless, AT&T Inc, and Sprint , marketing chief Phil Schiller told a packed auditorium at the Yerba Buena Center in San Francisco. The iPhone 5 is actually the sixth iPhone model. Apple's debut of its redesigned iPhone will test anew its high-stakes strategy of once-a-year upgrades for a product that accounts for about 70% of the company's profits. Almost one year removed from the death of Apple co-founder Steve Jobs, the newest iPhone faces a growing army of competitors looking to grab a piece of a smartphone market.
iPhone sales also are what investors watch the most closely. At 1:40 PM, Eastern Time, Apple shares were up 0.55% at $664.21.
Source: Economic Times