Apple is reportedly planning to unveil a faster new iPhone in September.
Bloomberg is reporting that the newest generation of the device will include a more powerful A5 processor and an 8-megapixel camera compared to a 5-megapixel camera on the iPhone 4.
Bloomberg said Apple is also testing a new version of its iPad with a higher resolution screen. The report noted that a faster chip will allow for speedier data downloads to compete with smartphones, such as devices from Samsung, that run on Google's Android operating system.
According to data reported by Bloomberg, Apple is projected to have 18.2% of the global smartphone market this year, compared to 38.9% for Android-based devices.
Rival Research in Motion ( RIMM - news - people )'s struggle to compete was evident in its earnings report last week.
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