After much rumour, it seems that the new handset that Samsung was supposed to be showcasing is the Galaxy SIII after all.

Samsung is riding high at the moment, as many analysts believe that the Galaxy range of smartphones, in particular the Galaxy SII, are the only devices that effectively challenge Apple’s iPhone.

Around 20 million handsets of the Galaxy SII were sold last year, compared to 35 million iPhones. However, overall, 47 million Samsung phones were sold. This is the first time the Asian giant has overtaken Apple. Jointly, both companies share 60% of the market.

By the time you read this, the expected launch of the Galaxy SIII will be over, but in case you miss it, experts believe that they have managed to get hold of specifications ahead of the launch.

First of all, from images found on the Carphone Warehouse website which is expected to stock the phone, the colours of the Galaxy SIII are similar to the Galaxy Note. These are black-blue and white.

Other features thought to be included are a bigger screen size than the SII, which is 4.3 inches, and Near Field Communication (NFC). In fact, it is considered that NFC will be the major focus, as Samsung has collaborated with Visa to develop a contactless payments system.

Many people also believe that the new device will really challenge Apple’s superiority. The editor of technology site CNET UK, Jason Jenkins, said: “If the product is as well-received as its predecessor, the Samsung Galaxy SII, Apple has a real fight on its hands as it tries to regain the top slot.”