Which search engine is best for the iconic iPhone, Google, Microsoft Bing, Opera Mini for iPhone or maybe Apple will build their own iPhone specific search engine?

Apparently an iPhone specific search engine built by Apple is the way to go according to an article over on business insider, who reports that Piper Jaffary analyst, Gene Munster believes that there is a 70 percent chance of Apple building an iPhone specific search engine in the next 5 years.

Munster says an iPhone specific search engine would be a hard undertaking but Apple could acquire a search firm that has built a web index such as Cuil and use said index as a base for construction their own iPhone engine.

One hurdle they foresee is Apple would need to generate enough advertiser interest to form a competitive marketplace, but they do believe that the “rationale for an Apple search product is to project data rather than generate profit.”

Munster also doesn’t see Apple switching to the Bing search engine this year and give it a 25 percent chance of happening during 2011. So what do you think iPhone owners, would you like to see an Apple iPhone specific search engine on your iPhone?