Tech lovers around the world are bubbling with excitement. Expectations on the release of iPhone 5 are mounting although there is no news from the manufacturer yet. Apple has not issued any statement regarding the phone yet but fans cannot help speculating. Rumor has it that iPhone 5 will be released this August. The media has reported that the company is busy manufacturing the next iPhone while fans wait with bated breath.

Apple has followed a policy of summer releases till now. The first iPhone was released in June 2007. July 2008 saw the release on iPhone 3G, while June 2009 witnessed iPhone 3GS’s release. Again in 2010, Apple proved its loyalty to the month of June by releasing iPhone 4. Consumers had to wait a little longer for the next release which ultimately happened in October 2011 when iPhone 4S was officially released. Now in 2012, it is again that time of the year and the world eagerly awaits the release of the next iPhone.

Even though the company is silent about the next iPhone’s specs and release date, analysts are certain that this one will have many new features—the topmost upgrade being a larger screen. Tech gurus and fans alike are wishing for a bigger screen, some blogs have even announced that the newest iPhone will indeed have a screen that is longer than all its predecessors yet. Also, it is expected that the screen quality will be better with clearer display in the latest version.

Other than screen size, the phone is also rumored to have an near field communication (NFC) chip. This chip will make data transferring easier and it will enable the users to use the phone as a virtual wallet. This chip will definitely help the phone to compete with Google wallets. The hottest rumor is that this upcoming offering from Apple will not be named iPhone 5 but “New iPhone”. This one finds its roots in the naming of Apple’s latest iPad as “New iPad”.

As the iPhone 4S faces biggest competition from Samsung Galaxy S III, the iPhone 5 is likely to win over Galaxy with its increased screen size, and newer and better features. In a recent report by The Wall Street Journal, the phone’s technology will integrate the touch sensors into the LCD, thus no need for separate touch screen layer. This means that the phone might as well be slimmer and much sleeker. Another change expected is that it will have a smaller, 19-pin connector, in place of the earlier 30-pin one. This also means that the phone will have more opportunity to be slimmer.

As of now a majority of consumers prefer the Galaxy S III over iPhone 4 S and this has surely irked the Apple. With the expected launch of iPhone 5 this is going to change. If Apple wants to compete in the android market, it needs to incorporate many updates to woo dedicated users. While Apple stays silent about their cat in the bag, we wait, and yes, speculate!!