The Phone 5 is believed to be launched later this year to an expectant world as Apple now has a bigger fight on its hands to reign supreme in the smartphone market, and today we are looking into the iPhone 5 and the chances of it being an instant winner upon release.

When Apple released the first iPhone back in 2007 the device was completely different from what was already on offer to consumers. Since then the device has evolved and brought with it new and innovative features. When the iPhone 4 was released we saw a complete redesign of the handset with its Retina Display offering customers amazing images on a smartphone screen.

Last time though the hardware was given just a light refresh with an upgraded dual core processor, and an eight megapixel camera capable of 1080p HD video capture. The Siri personal assistant also made its debut with many consumers choosing the iPhone 4S because of this feature. Even though the handset was only a minor upgrade on the previous model Apple achieved record sales of the device.

If Apple’s history is anything to go by along with the numerous rumours, this year we should see an iPhone that has been totally redesigned along with some new features. It is widely believed that the iPhone 5 will bring with it 4G LTE connectivity, which in itself will see many smartphone owners deciding to purchase the device.

In the US AT&T, Verizon, and even T-Mobile are busy expanding or building LTE networks, and there is the chance that some regions of the UK could get a 4G network by the end of 2012. A larger screen is high on many iPhone fans wish lists, as many of the iPhones fiercest competitors are all using larger displays now, such as the recently announced Samsung Galaxy S3 and its 4.8-inch display.

While it’s not believed that Apple would go for a screen as large as that, many feel a 4-inch display to be a nice option. There will be many who have already decided to get the iPhone 5 even before it has officially been announced by Apple, or a prototype found in a bar to give the world more of an idea what’s in store.

There would have also been a number of iPhone owners that decided not upgrade when the iPhone 4S was released or were tied into a contract, and will then be able to upgrade to the iPhone 5 once it becomes available. In the US Verizon only released the iPhone 4 during the first quarter of 2011 so if the iPhone 5 becomes available towards the end of this year, there will be a number of Verizon customers closer to being able to upgrade to the new model.

Apple are also launching into new markets such as China that will also see a high demand for the device, and even though Apple is seeing increased competition, millions of consumers will purchase the device regardless of what features it has. It will be surprising though if Apple doesn’t bring something new and innovative to the table with the iPhone 5 as they will be well aware of what else is on offer, but only time will tell.

Will you be getting the iPhone 5?