Microsoft Corporation and Nokia are trying their best and perhaps a last shot at knocking the smartphone market, which is hugely dominated by Apple’s iPhone and Google’s Android mobile operating system.

Nokia is expected to release its first Windows 8 smartphone- Lumia later this week; success or failure of which would determine Nokia’s future in the mobile market.

However, in case Lumia doesn’t really hit off with users, many analysts believe that Nokia, who was once the leading supplier of mobiles, might just have to sell off its stocks or even the entire firm. This move, analysts believe would be the best for its shareholders.

So it seems that with new Lumia mobile phones, Nokia has a lot on stake. This latest offering by the firm is believed, would determine whether the firm would flourish or just disappear in the market of smartphones, which is on a rise.

The Finnish handset maker suffered an operating loss of more than 3 billion euros in the last 18 months, which forced it to slash 10,000 jobs and follow asset sales.

Nokia’s shares of the global smartphone market took a plunge and went down 10 percent from 50 percent during its heyday before Apple launched its iPhone in 2007.

However, for Microsoft also, the success of Lumia would persuade other handset makers and carriers to support and carry its latest phone software, Windows 8, which offers a faster and better performance. While the failure, could do quite the opposite.

Currently, Windows phones have captured only 3.7 percent of the global smartphone market, which is dominated by Android phones that stands at 68 percent and Apple at 17 percent.

However, various carriers in the US such as Verizon Wireless, Sprint Nextel Corp, and Deutsche Telekom’s T-Mobile USA are all in favor of Windows Phone 8. AT&T also said it will sell Nokia phones based on the Microsoft software.

The new Lumia phones, which Nokia will offer in various colors, will hit the market soon, just as the world of Android stumbles from a crushing legal blow by Apple, and as RIM’s BlackBerry also continues to go down.

In case the California jury decides to put a ban on Samsung smartphones, the way could be a lot easier for Windows-based phones to enter the market.

As Nokia is expected to unveil two latest models of Lumia phones on Wednesday, Google Motorola also is in talks to launch a new product. Amazon is also expected to unveil new Kindle tablets Thursday, Sep. 6th and Apple can also launch the new iPhone 5 on Sep. 12th.

September seems to be a busy month as these giants plan to launch their latest devices- all with better speed, better performance and better user experience!

Now it’s only a matter of time, until Nokia knows what future it has in store with its latest Lumia phones! Will it attract consumers? Will it hit it off in the market? Let’s just wait and watch….